-------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION -----------------------------
FORM 4 WASHINGTON, D.C. 20549 OMB APPROVAL
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/ / CHECK THIS BOX IF NO STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OMB NUMBER: 3235-0287
LONGER SUBJECT TO EXPIRES: January 31, 2005
SECTION 16. FORM 4 OR Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, ESTIMATED AVERAGE BURDEN
FORM 5 OBLIGATIONS MAY Section 17(a) of the Public Utility Holding Company Act of 1935 or HOURS PER RESPONSE .... 0.5
CONTINUE. SEE Section 30(f) of the Investment Company Act of 1940 -----------------------------
INSTRUCTION 1(b).
(Print or Type Responses)
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1. Name and Address of Reporting Person* 2. Issuer Name AND Ticker or Trading Symbol 6. Relationship of Reporting Person(s)
to Issuer (Check all applicable)
X Director X 10% Owner
Chowdry Linda Atlas Air Worldwide Holdings, Inc. - CGO ---- ----
--------------------------------------------------------------------------------------------- Officer (give Other
(Last) (First) (Middle) 3. IRS or Social Security 4. Statement for ---- title ---- (specify
Number of Reporting Month/Year below) below
Person (Voluntary) ----------------- ------------------
7333 W. Jefferson Ave, Suite 225 May/2002
-------------------------------------------- --------------------- 7. Individual or Joint/Group Filing
(Street) 5. If Amendment, (Check Applicable Line)
Date of Original _X_Form filed by One Reporting Person
(Month/Year) ___Form filed by More than One
Lakewood CO 80235 Reporting Person
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(City) (State) (Zip) TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action or Disposed of (D) Securities ship of In-
Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 8) Owned at Direct Bene-
(Month/ End of (D) or ficial
Day/ ------------------------------------------- Month Indirect Owner-
Year) (A) or (I) ship
Code V Amount (D) Price (Instr. 3 (Instr. 4) (Instr. 4)
and 4)
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Common Stock, $.01 par value, of 5/6/02 J(1) V (1) (1)
Atlas Air Worldwide Holdings, Inc.
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Common Stock, $.01 par value, of 5/6/02 S 4,517,732 D(3) $11.07
Atlas Air Worldwide Holdings, Inc.
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Common Stock, $.01 par value, of 5,814,620(2) (2) (2)
Atlas Air Worldwide Holdings, Inc.
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
* If the form is filed by more than one reporting person, SEE Instruction 4(b)(v). SEC 1472 (02-02)
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM
DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER.
FORM 4 (CONTINUED) TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative Security 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv- 6. Date Exer-
(Instr. 3) sion or action tion Code ative Securities Ac- cisable and Ex-
Exercise Date (Instr. 8) quired (A) or Dis- piration Date
Price of (Month/ posed of (D) (Month/Day/
Deriv- Day/ (Instr. 3, 4, and 5) Year)
ative Year)
Security
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Date Expira-
-------------------------------------- Exer- tion
cisable Date
Code V (A) (D)
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7. Title and Amount of Under- 8. Price 9. Number 10. Owner- 11. Nature
lying Securities of of Deriv- ship of In-
(Instr. 3 and 4) Deriv- ative Form direct
ative Securi- of De- Bene-
Secur- ties rivative ficial
ity Bene- Secu- Own-
(Instr. ficially rity: ership
5) Owned Direct (Instr. 4)
at End (D) or
Amount or of Indi-
Title Number of Month rect (I)
Shares (Instr. 4) (Instr. 4)
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Explanation of Responses:
(1) The following transactions are exempt from Section 16(b) as a mere
change in the form of beneficial ownership. For estate planning purposes,
several entities related to the reporting person entered into certain
transactions. The transactions were as follows: 1. on April 30, 2002, Linda
Chowdry and the Marital Trust (the "Trust") established under the will of
Michael A. Chowdry contributed 6,459,092 (92 shares from Ms. Chowdry;
6,459,000 from the Trust) shares of the issuer held by them to Chowdry
Investments, LLC, in exchange for proportionate interests in Chowdry
Investments, LLC; 2. on May 6, 2002 Chowdry Investments, LLC, Chowdry Limited
Partnership and Chowdry, Inc. contributed 15,285,593 (6,459,092 from Chowdry
Investments, LLC; 7,071,501 from Chowdry Limited Partnership; 1,755,000 from
Chowdry, Inc.) shares of the issuer held by them to AA Holdings, LLC, in
exchange for proportionate interests in AA Holdings, LLC; and 3. on May 27,
2002, the Trust distributed 35 shares of Chowdry, Inc. to Linda Chowdry.
(2) Includes: options to purchase 450,000 shares of the issuer held by the
Estate of Michael A. Chowdry, of which the reporting person is a personal
representative; 1,529,189 shares of the issuer held by the Trust, of which
the reporting person is a trustee and beneficiary; and 3,835,431 of the
15,285,593 shares of the issuer held by AA Holdings, LLC, which may be deemed
to be beneficially owned by the reporting person directly, indirectly through
the Trust, and indirectly through proportionate interests in Chowdry
Investments, LLC, Chowdry Limited Partnership and Chowdry Inc. These parties
are all managers and proportionate holders of AA Holdings, LLC. The reporting
person also is a manager of Chowdry Investments, LLC, a 35% stockholder of
Chowdry, Inc. and trustee of the Trust. The Trust is: the sole general
partner of Chowdry Limited Partnership; a 1.2% beneficial owner of the
Chowdry Limited Partnership; and a 65% stockholder of Chowdry, Inc.
(3) In exchange for cash, Chowdry Investments, LLC transferred interests in AA
Holdings, LLC held by it to Chowdry Limited Partnership. Such a transaction may
be considered a transfer of issuer shares.
/s/ John S. Blue
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**Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly
* If the form is filed by more than on reporting person, SEE Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient,
SEE Instruction 6 for procedure.
Page 2
SEC 1472 (02-02)