Old thread, but I am having a similar issue on a PAM 438 with the seconds hand at 9. It was initially sticking at 11:02 for the first day, and after letting the spring discharge, it is now sticking at 5:24. The interesting thing is that when you unscrew the crown and manually move the hands, there is a slightly increased resistance as you push the hands to 5:25, but becomes normal immediately thereafter.
I imagine it is something physically in the gears. I am going to try blow some air through the case tomorrow and see if anything will dislodge.
Anyone with a similar issue? Any known fixes?