Check out Air Eagles (USA, 1931), starring Lloyd Hughes as Bill Ramsey, Norman Kerry as Otto Schumann and Shirley Grey as Eve. It was directed by Phil Whitman, produced by Larry Darmour Productions and released on December 20, 1931. Written by Hampton Del Ruth, it was suggested by E. V. Durling and Lewis R. Foster, with uncredited additional writer Walter Q. MacDonald.
From a 2015 review by kidboots:
It begins at a flea bitten carnival with the old "two guys in love with the same girl" refrain. The lucky one who has his affection returned is Otto (Norman Kerry) but it is clear he is a "no good nik"!! [...] It all comes out when the carnival plays Bill's home town, the three of them decide to stay and Bill finds there are jobs a plenty flying planes for the mines but when Otto sits for the test he realises his past won't bear close inspection. He then persuades Eve to "vamp" Bill's kid brother, Eddie, who has a huge crush on her and is all set to take a job in the mail flying corps. She wants him to take the dangerous mining job - Otto intends Eddie to land in a remote spot, then claim he has been robbed of the payroll. They will go 50-50 but it is clear Otto intends to kill Eddie and take off with it all. Eddie refuses backed up by Eve who has now fallen in love with Eddie.
The Rotten Tomatoes movie info:
In this romantic drama, two carnival barnstormers vie for the affection of a lovely woman. Their rivalry has deeper roots, as they were mortal enemies when they were WWI fighter pilots. To get the American once and for all, the German pilot tries to frame his rival's little brother.
At least, Bill dies at the end. I'm not sure about Otto, I didn't watch the whole movie.
There's really not much to find about it, which may explain why Pendo got its name wrong. Released at the end of 1931 - even Rotten Tomatoes believes it's from 1932.