  In a recent paper Bender and Mannheim showed that the unequal-frequency
fourth-order derivative Pais-Uhlenbeck oscillator model has a realization in
which the energy eigenvalues are real and bounded below, the Hilbert-space
inner product is positive definite, and time evolution is unitary. Central to
that analysis was the recognition that the Hamiltonian $H_{\rm PU}$ of the
model is PT symmetric. This Hamiltonian was mapped to a conventional
Dirac-Hermitian Hamiltonian via a similarity transformation whose form was
found exactly. The present paper explores the equal-frequency limit of the same
model. It is shown that in this limit the similarity transform that was used
for the unequal-frequency case becomes singular and that $H_{\rm PU}$ becomes a
Jordan-block operator, which is nondiagonalizable and has fewer energy
eigenstates than eigenvalues. Such a Hamiltonian has no Hermitian counterpart.
Thus, the equal-frequency PT theory emerges as a distinct realization of
quantum mechanics. The quantum mechanics associated with this Jordan-block
Hamiltonian can be treated exactly. It is shown that the Hilbert space is
complete with a set of nonstationary solutions to the Schr\"odinger equation
replacing the missing stationary ones. These nonstationary states are needed to
establish that the Jordan-block Hamiltonian of the equal-frequency
Pais-Uhlenbeck model generates unitary time evolution.
