SEC Form 4
FORM 4

[  ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b).
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Michael A. Chowdry Marital Trust
(Last)                      (First)                      (Middle)
7333 W. Jefferson Ave., Suite 225
(Street)
Lakewood,    CO   80235
(City)                      (State)                      (Zip)
2. Issuer Name
and Ticker or Trading Symbol

Atlas Air Worldwide Holdings, Inc.
CGO
3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
4. Statement for
    Month/Day/Year

9/20/2002

5. If Amendment,
    Date of Original
    (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

   Director   X 10% Owner
   Officer (give title below)        Other (specify below)

Description          
7. Individual or Joint/Group
    Filing (Check Applicable Line)

     Form filed by One Reporting Person
X   Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security
    (Instr. 3)
2.Transaction
Date
(Month/Day/Year)
2A. Deemed Execution Date, if any
(Month/Day/Year)
 3. Transaction
    Code
    (Instr. 8) 		4. Securities Acquired (A) or Disposed Of (D)
    (Instr. 3, 4, and 5)
5. Amount of
    Securities
    Beneficially
    Owned Following
    Reported Transaction(s)

    (Instr. 3 and 4)
6. Owner-
    ship
    Form:
    Direct (D)
    or
    Indirect (I)

    (Instr. 4)
7. Nature of
     Indirect
     Beneficial
     Ownership

    (Instr. 4)
Code
V
Amount
A/D
Price
Common Stock
9/16/2002
9/18/2002
S
10,000
D
$2.5092 (2)
Common Stock
9/17/2002
9/18/2002
S
8,900
D
$2.3340(2)
Common Stock
9/18/2002
9/18/2002
S
10,000
D
$2.0525(2)
Common Stock
$
1,118,900
D
Common Stock
$
3,835,431(1)
I
By Limited Liability Company

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
    (Instr. 3)
2. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
    Security
3. Transaction Date

(Month/
Day/
Year)
3A. Deemed Execution Date, if any

(Month/
Day/
Year)
 4. Transaction Code
    (Instr.8) 		5. Number of Derivative
    Securities Acquired (A)
    or Disposed Of (D)

    (Instr. 3, 4 and 5)
6. Date Exercisable(DE) and
    Expiration Date(ED)
    (Month/Day/Year)
7. Title and Amount of
    Underlying Securities
    (Instr. 3 and 4)
8. Price
    of
    Derivative
    Security
    (Instr.5)
 9. Number of
    Derivative
    Securities
    Beneficially
    Owned
    Following
    Reported
    Transaction(s)
    (Instr.4) 		10. Owner-
ship
Form of
Deriv-
ative
Securities:
Direct (D)
or
Indirect (I)

(Instr.4) 		11. Nature of
      Indirect
      Beneficial
      Ownership
      (Instr.4)
Code
V
A
D
DE
ED
Title
Amount or Number of Shares
Explanation of Responses:
 
(1) Includes 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 Trust indirectly through the Trust's proportionate interests in Chowdry Investments, LLC, Chowdry Limited Partnership and Chowdry, Inc. These parties are all managers and holders of AA Holdings, LLC. The reporting person is also a manager of Chowdry Investments, LLC, is the sole general partner of Chowdry Limited Partnership and is the sole stockholder of Chowdry, Inc.

(2) These transactions are part of a written plan for the sale of shares in accordance with SEC Rule 10b5-1(c).

Joint Filer:

Filed jointly by Linda Chowdry. Address: 7333 W. Jefferson Ave., Suite 225, Lakewood, Colorado 80235. Ms. Chowdry is a director and may be deemed a 10% owner of Atlas Air Worldwide Holdings, Inc. Ms. Chowdry is a trustee and beneficiary of the Michael A. Chowdry Marital Trust and a manager of Chowdry Investments, LLC and AA Holdings, LLC.
By:
/s/ Mark R. Levy, as attorney-in-fact for the Michael A. Chowdry Marital Trust and Linda Chowdry                                                                                                9/20/02
** Signature of Reporting Person                                                                                    Date      




SEC 1474 (8-02)
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one 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.
Potential persons who are to respond to the collection of information contained in this form are not
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