I don’t know much about this bike other than it is very nicely built. From the Panasonic history website, Panasonic organized a Panasonic/Shimano team in the US in 1979. I really like the fastback seatlug treatment, but I could see problems with over tightening of the seatbolt with it threading into the other seatstay. The fork has beefy round fork blades and even the seatstays are rather large.
This bike was at the Trexlertown swap meet. i assume it was for sale, but never asked a price.
Via Bicycle 
It appears as though the front wheel is misaligned in the fork. Am I wrong or is it just a photo angle?
–Tim
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the front wheel was not properly installed in the dropouts.
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Bruce Donaghy, Dave Grylls, Danny Clark.
It was a powerhouse team.
Tom Kellogg made many of those bikes.
Shoulda bought it.
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this panasonic bicycle is really nice. I really love the bicycle.
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I now on that bike
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I swapped the crankset for the Shimano 7500 Dura Ace w/ Suntour Cyclone pedals. Love it!
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This is what Mr Kellogg said when asked about this frame:
I have to tell you that the frame in the photographs was actually hand built in the Panasonic factory for the third year of the P/S team.
I made the frames for the first two years, and Panasonic took over from there.
In fact, those Panasonic frame were beautifully built with the best materials available at the time, so the quality of that frame is impeccable.
I hope this helps.
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