MD11 ON GAR FROM MEM RWY 27 MAKES AVOIDANCE MANEUVER TO AVOID COLLISION WITH ANOTHER ACFT LNDG RWY 17.

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UPON LNDG ON RWY 27 AT MEMPHIS; TN; EXECUTED A REJECTED LNDG (DUE TO A LONG LNDG AND EXITING TFC) ON CLBOUT; (A BEAM RWY 17) RECEIVED AN URGENT CALL FROM TWR TO LEVEL OFF. CAPT TOOK CTL OF ACFT AND DSNDED SLIGHTLY TO AVOID A MIDAIR COLLISION WITH ANOTHER ACFT ON FINAL TO RWY 17; ESTIMATE 300 FT. AFTER THE AVOIDANCE MANEUVER; EXECUTED A NORMAL GAR AND FO LANDED ON RWY 27 UNEVENTFUL. SIMULTANEOUS APCHES TO PERPENDICULAR RWYS WAS TAKING PLACE. SUPPLEMENTAL INFO FROM ACN 544971: CAPT TOOK CTL OF ACFT AND DSNDED SLIGHTLY UPON SIGHTING CONFLICTING ACFT TO AVOID AN IMPENDING COLLISION WITH AN ACR LNDG ON RWY 17 (ESTIMATED ALTITUDE 300). I RECOMMEND THAT VISUAL APCHES NOT BE CONDUCTED WHEN USING PERPENDICULAR RWYS FOR LNDG. CONSIDERATION (MORE SEPARATION) NEEDS TO BE GIVEN IN THE EVENT OF A MISSED APCH. PLT FLYING; (FO); DISTRACTED BY LATE CLRING ACFT IN FRONT GOT HIGH IN CLOSE TO RWY AND WE TOUCHED DOWN JUST OUTSIDE LANDING ZONE. HAD TWR NOT CALLED US; OR IF WE HAD EXECUTED OUR GAR A FEW SECONDS EARLIER; WE MOST LIKELY WOULD HAVE BEEN INVOLVED IN A MID-AIR COLLISION. THIS IS A CASE WHERE EVERYONE ACTED PROPERLY AND WE STILL HAD A POTENTIALLY CATASTROPHIC RESULT. CALLBACK CONVERSATION WITH RPTR REVEALED THE FOLLOWING INFO: RPTR ADVISED THAT THE LCL CTLR ALERTED THEM TO THE CONFLICT AS THEY WERE CLBING THROUGH APPROX 240 FT. THE CAPTS ACTIONS DSNDED THEM BACK DOWN TO APPROX 200 FT AS THE DC9 CROSSED APPROX 100 FT OVERHEAD. THERE WAS NO INDICATION THAT THE DC9 SAW THEIR ACFT ON THE GAR. THE CAPT AND A COMPANY OFFICIAL DISCUSSED THE EVENT WITH A MEM TWR SUPVR. THE RPTR STATES THAT THE DC9 WAS ON THE OTHER LCL CTL FREQ. THE REASON A GAR WAS INITIATED WAS DUE TO PREVIOUS LNDG TFC SLOWLY EXITING RWY 27.