FORM 4
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to section 16. Form 4
or Form 5 obligations may continue. See instruction 1(b).
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(1) of the Investment
Company Act of 1940
1. Name and Address of Reporting Person
Chowdry, Inc.
3905 Frontier Park Avenue
Cheyenne, WY 82001
2. Issuer Name and Ticker or Trading Symbol
Atlas Air, Inc. (CGO)
3. IRS or Identification Number of Reporting Person, if an
entity (Voluntary)
4. Statement for Month/Year
September 2000
5. If amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
( ) Director
( X ) 10% Owner
( ) Officer (give title below)
( ) Other (specify below)
7. Individual or Joint/Group Filing (Check
Applicable Line)
( X ) Form filed by One Reporting Person
( ) 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)
a) Common Stock
b) Common Stock
2. Transaction Date (Month/Day/Year)
a)
b) 9/19/00
3. Transaction Code (Instr. 8)
a)
b) S
4. Securities Acquired (A) or Disposed of
(D)(Instr.3,4 and 5)
Amount (A) or (D) Price
a)
b) 1,400,000 D 42.50
5. Amount of Securities Beneficially Owned at End
of Month
(Instr. 3 and 4)
a) 1,755,000
b) 7,071,501(1)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr.4)
a) D
b) I
7. Nature of Indirect Beneficial Ownership (Instr.
4)
a)
b) Held by Chowdry Limited Partnership
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,
see Instruction 4(b)(v)
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. Conversion or Exercise Price of Derivative
Security
3. Transaction Date (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 and Expiration Date
(Month/Day/Year)
Date Exercisable Expiration Date
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
Title Amount or Number of Shares
8. Price of Derivative Security (Instr.5)
9. Number of Derivative Securities Beneficially
Owned at End of
Month (Instr. 4)
10. Ownership of Derivative Security: Direct(D) or
Indirect(I) (Instr. 4)
11. Nature of Indirect Beneficial Ownership (Instr.
4)
Explanation of Responses:
(1) The reporting person is the general partner of
Chowdry Limited Partnership and disclaims beneficial
ownership of all shares held by Chowdry Limited
Partnership. This report should not be deemed to be
an admission that the reporting person is a
beneficial owner for purposes of Section 16 or for
any other purpose.
Chowdry, Inc.
/s/ Michael A. Chowdry
**Signature of Reporting Person
Its: President
Date: October 2, 2000
**Intentional misstatements of 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 provided is
insufficient, see Instruction 6 for procedure.
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 Number.
HH:748390vl
