UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2 )
ATLAS AIR, INC.
(Name of Issuer)
Common Stock $0.01 Par Value
(Title of Class of Securities)
049164 10 6
(CUSIP Number)
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 049164 10 6 13G
1 NAMES OF REPORTING PERSONS S.S. or I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS
Michael A. Chowdry
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) ( X )
(b) ( )
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5 SOLE VOTING POWER
13,092,628
6 SHARED VOTING POWER
200,000
7 SOLE DISPOSITIVE POWER
13,092,628
8 SHARED DISPOSITIVE POWER
200,000
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
13,292,628
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
59.1%
12 TYPE OF REPORTING PERSON
IN
*SEE INSTRUCTION BEFORE FILLING OUT!
CUSIP No. 049164 10 6 13G
1 NAMES OF REPORTING PERSONS S.S. or I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS
Chowdry Limited Partnership
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) ( X )
(b) ( )
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Wyoming
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5 SOLE VOTING POWER
5,981,001
6 SHARED VOTING POWER
7 SOLE DISPOSITIVE POWER
5,981,001
8 SHARED DISPOSITIVE POWER
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,981,001
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
26.6%
12 TYPE OF REPORTING PERSON
PN
*SEE INSTRUCTION BEFORE FILLING OUT!
CUSIP No. 049164 10 6 13G
1 NAMES OF REPORTING PERSONS S.S. or I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS
Chowdry, Inc.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) ( X )
(b) ( )
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Wyoming
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5 SOLE VOTING POWER
7,151,001
6 SHARED VOTING POWER
7 SOLE DISPOSITIVE POWER
7,151,001
8 SHARED DISPOSITIVE POWER
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
7,151,001
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
31.9%
12 TYPE OF REPORTING PERSON
CO
*SEE INSTRUCTION BEFORE FILLING OUT!
Item 1(a) Name of Issuer:
Atlas Air, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
538 Commons Drive, Golden, Colorado 80401
Item 2(a) Name of Person Filing:
Michael A. Chowdry
Chowdry Limited Partnership
Chowdry, Inc.
Item 2(b) Address of Principal Business Office or, if none,
Residence:
Michael A. Chowdry:
538 Commons Drive, Golden, Colorado 80401
Chowdry Limited Partnership and Chowdry, Inc.:
c/o Miller & Zeringue, CPAs, 622 Pioneer Avenue, Cheyenne,
WY 82001
Item 2(c) Citizenship:
Michael A. Chowdry is a United States citizen.
Chowdry Limited Partnership is a Wyoming limited
partnership.
Chowdry, Inc. is a Wyoming corporation.
Item 2(d) Title of Class of Securities:
Common Stock $0.01 par value
Item 2(e) CUSIP Number:
049164 10 6
Item 3. If this statement is filed pursuant to Rules 13d-1(b),
or 13d-2(b), check whether the person filing is a:
(a) Broker or Dealer registered under Section 15 of the Act
(b) Bank as defined in section 3(a)(6) of the Act
(c) Insurance Company as defined in section 3(a)(19) of the Act
(d) Investment Company registered under section 8 of the
Investment Company Act
(e) Investment Adviser registered under section 203 of the
Investment Advisers Act of 1940
(f) Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of 1974
or Endowment Fund;
see 240.13d-1(b)(1)(ii)(F)
(g) Parent Holding Company, in accordance with 240.13d-
1(b)(1)(ii)(G)
(Note: See Item 7)
(h) Group, in accordance with 240.13d-1(b)(1)(ii)(H)
Not Applicable
Item 4. Ownership.
If the percent of the class owned, as of December 31 of the year
covered by statement, or as of the last day of any month
described in Rule 13d-1(b)(2), if applicable, exceeds five
percent, provide the following information as of that date and
identify those shares which there is a right to acquire.
(a) Amount Beneficially Owned as of December 31, 1997:
13,292,628 shares by Michael A. Chowdry, including shares
held by Chowdry Limited Partnership and Chowdry, Inc.and
shares held by the Chowdry Family Foundation(1)
5,981,001 shares by Chowdry Limited Partnership(1)
7,151,001 shares by Chowdry, Inc., including shares held by
Chowdry Limited Partnership(1)
(b) Percent of Class:
59.1% by Michael A. Chowdry
26.6% by Chowdry Limited Partnership
31.9% by Chowdry, Inc.
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
13,092,628 by Michael A. Chowdry(1)
5,981,001 by Chowdry Limited Partnership(1)
7,151,001 by Chowdry, Inc.(1)
(ii) shared power to vote or to direct the vote
200,000 by Michael A. Chowdry(2)
(iii)sole power to dispose or to direct the disposition
of 13,092,628 by Michael A. Chowdry(1)
5,981,001 by Chowdry Limited Partnership(1)
7,151,001 by Chowdry, Inc.(1)
(iv) shared power to dispose or to direct the
disposition of 200,000 by Michael A. Chowdry(2)
(1)Mr. Chowdry is the sole stockholder, officer and director of
Chowdry, Inc., and Chowdry, Inc. is the managing general partner
of Chowdry Limited Partnership. Accordingly, Mr. Chowdry is the
beneficial owner of shares held by him and held by Chowdry
Limited Partnership and Chowdry, Inc. Mr. Chowdry owns of record
in his name 5,906,000 shares; Mr. Chowdry also has a stock option
to purchase 35,627 shares of common stock of Atlas Air,
Inc.;Chowdry Limited Partnership owns of record in its name
5,981,001 shares; and Chowdry, Inc. owns of record in its name
7,151,001 shares. All three of these shareholders own in the
aggregate 13,092,628 shares.
(2) The Chowdry Family Foundation ( the "Foundation", a non
profit corporation, owns 200,000 shares of Atlas Air, Inc.
common stock. Michael A. Chowdry is one of the Foundation's
directors and officers, and as such he may be deemed to share the
power to vote and the power to dispose of these shares. However,
one person other than Mr. Chowdry has been given authority by the
Foundation's Board of Directors to determine whether any
disposition of these shares is to be made.
Item 5. Ownership of Five Percent or Less of a Class.
Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of
Another Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on by the Parent
Holding Company.
Not Applicable
Item 8. Identification and Classification of Members of the
Group.
Not Applicable
Item 9. Notice of Dissolution of Group.
Not Applicable
Item 10. Certification.
Not Applicable
SIGNATURE.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
February 13, 1998
Date
/S/ M. A. Chowdry
Michael A. Chowdry
CHOWDRY LIMITED PARTNERSHIP
By: Chowdry, Inc., General Partner
By: /s/ M. A. Chowdry
Michael A. Chowdry, President
CHOWDRY, INC.
By: /s/ M. A. Chowdry
Michael A. Chowdry, President
EXHIBIT TO AMENDMENT NO. 2 TO SCHEDULE 13G OF
MICHAEL A. CHOWDRY, CHOWDRY LIMITED PARTNERSHIP
AND CHOWDRY, INC.
Dated February 13, 1998
AGREEMENT REGARDING FILING
The undersigned hereby expressly agree that they will file
together an Amendment No. 2 to Schedule 13G and any further
amendments to the Schedule 13G with respect to the undersigned's
beneficial ownership of common stock of Atlas Air, Inc. The
undersigned also agree that the Amendment to the Schedule 13G to
which this Agreement is attached is to be filed on behalf of each
of us.
Date: February 13, 1998
/s/ M. A. Chowdry
Michael A. Chowdry
CHOWDRY LIMITED PARTNERSHIP
By: Chowdry, Inc., General Partner
By: /s/ M. A. Chowdry
Michael A. Chowdry, President
CHOWDRY, INC.
By: /s/ M. A. Chowdry
Michael A. Chowdry, President
