In Pagemaker go to FILE...PRINT...set everything up like you would if you would print to a real printer. In ...OPTIONS...in the PM print dialog choose...WRITE POSTSCRIPT TO FILE...
PM will create an eps file that can be opened in Illustrator...you will need to load the fonts that were used in PM.
OR: Create a pdf from within PM, but do not embed and subset the fonts.
That way assuming you have the fonts loaded it will nicely open in Illustrator with all fonts live and editable.