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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                     FORM 4

                  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

|_|  Check this box if no longer subject to Section 16. Form 4 or Form 5
     obligations may continue. See Instruction 1(b).

(Print or Type Responses)
________________________________________________________________________________
1.   Name and Address of Reporting Person*

     Li                              David                K.P.
--------------------------------------------------------------------------------
   (Last)                           (First)             (Middle)

     Bank of East Asia, 10 Des Voeux Road Central
     GPO Box 31
--------------------------------------------------------------------------------
                                    (Street)

     Hong Kong
--------------------------------------------------------------------------------
   (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

     11/01/02
________________________________________________________________________________
5.   If Amendment, Date of Original (Month/Day/Year)


________________________________________________________________________________
6.   Relationship of Reporting Person(s) to Issuer
     (Check all applicable)

     |X|  Director                             |_|  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
================================================================================


                                                                                                 5.
                                                                                                 Amount of      6.
                                                                 4.                              Securities     Owner-
                                                                 Securities Acquired (A) or      Beneficially   ship
                                       2A.          3.           Disposed of (D)                 Owned          Form:     7.
                            2.         Deemed       Transaction  (Instr. 3, 4 and 5)             Following      Direct    Nature of
                            Trans-     Execution    Code         ------------------------------- Reported       (D) or    Indirect
1.                          action     Date, if     (Instr. 8)                   (A)             Transaction(s) Indirect  Beneficial
Title of Security           Date       any          ------------                 or              (Instr. 3 &    (I)       Ownership
(Instr. 3)                  (mm/dd/yy) (mm/dd/yy)    Code     V      Amount      (D)    Price     Instr.4)      (Instr.4) (Instr.4)
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Common Stock                11/01/02                 A               12,195      A      1.23     27,076         D
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====================================================================================================================================




FORM 4 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
            (e.g., puts, calls, warrants, options, convertible securities)

================================================================================


                                                                                                          9.
                                                                                                          Number    10.
                                                                                                          of        Owner-
                                                                                                          deriv-    ship
                                                                                                          ative     Form
             2.                                                                                           Secur-    of
             Conver-                            5.                              7.                        ities     Deriv-   11.
             sion                               Number of                       Title and Amount          Bene-     ative    Nature
             or                                 Derivative    6.                of Underlying     8.      ficially  Secur-   of
             Exer-            3A.      4.       Securities    Date              Securities        Price   Owned     ity:     In-
             cise             Deemed   Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of      Follow-   Direct   direct
             Price   3.       Execut-  action   or Disposed   Expiration Date   ----------------  Deriv-  ing       (D) or   Bene-
1.           of      Trans-   ion      Code     of(D)         (Month/Day/Year)            Amount  ative   Reported  In-      ficial
Title of     Deriv-  action   Date if  (Instr.  (Instr. 3,    ----------------            or      Secur-  Trans-    direct   Owner-
Derivative   ative   Date     any      8)       4 and 5)      Date     Expira-            Number  ity     action(s) (I)      ship
Security     Secur-  (mm/dd/  (mm/dd/  ------   ------------  Exer-    tion               of      (Instr. (Instr.   (Instr.  (Instr.
(Instr. 3)   ity     yy)      yy)      Code V    (A)   (D)    cisable  Date     Title     Shares  5)      4)        4)       4)
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Explanation of Responses:


/s/ Michael W. Borkowski                                         11/05/02
---------------------------------------------            -----------------------
      **Signature of Reporting Person                             Date
        Attorney-in-Fact

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.


                                                                          Page 2



                                POWER OF ATTORNEY


The undersigned does hereby make, constitute and appoint Thomas G. Scott, John
W. Dietrich and Michael W. Borkowski as the undersigned's true and lawful agents
and attorneys-in-fact (each hereinafter referred to as an "Attorney") to act
either together or alone in the name and on behalf of the undersigned for and
with respect to the matters hereinafter described.

          Each Attorney shall have the power and authority to prepare, execute
     and deliver Statements of Changes of Beneficial Ownership of Securities on
     Form 4 or Form 5 (or such other forms as may be designated from time to
     time by the Securities and Exchange Commission (the "Commission") for such
     purpose) or any amendments thereto required to be filed with the Commission
     under the Securities Exchange Act of 1934 on behalf of the undersigned as a
     result of the undersigned's transactions in, or changes in beneficial
     ownership of, equity securities (including derivative securities) of Atlas
     Air Worldwide Holdings, Inc.

Each Attorney is hereby authorized to execute and deliver all documents,
acknowledgments, consents and other agreements and to take such further action
as may be necessary or convenient in order to more effectively carry out the
intent and purposes of the foregoing.

The Power of Attorney conferred hereby is not delegable by any Attorney. Each
Attorney shall serve without compensation for acting in the capacity of agent
and attorney-in-fact hereunder.

The undersigned hereby ratifies, confirms and adopts as the undersigned's own
act and deed all action lawfully taken by the Attorneys, or any of them,
pursuant to the power and authority herein granted.

Unless sooner revoked by the undersigned, this Power of Attorney shall be
governed by the laws of the State of New York, and the power and authority
granted herein shall terminate on December 31, 2004.

IN WITNESS HEREOF, the undersigned has set his or her hand this 12th day of
August, 2002.


                                /s/ David K.P. Li
                                ------------------------------------------------
                                Signature


                                David K.P. Li
                                ------------------------------------------------
                                Print Name