Estate of Michael A Chowdry, et al. – ‘SC 13D’ on 2/16/01 re: Atlas Air Inc

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General Statement of Beneficial Ownership   —   Schedule 13D
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D      General Statement of Beneficial Ownership             12     47K 

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SC 13D
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 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

 Under the Securities Exchange Act of 1934

 Atlas Air, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)

Common Stock $0.01 Par Value
--------------------------------------------------------------------------------
(Title of Class of Securities)

 049164 10 6
--------------------------------------------------------------------------------
(CUSIP Number)

 Mark R. Levy, Holland & Hart LLP, 555 17th Street, Denver, CO 80202
--------------------------------------------------------------------------------
(303) 295-8000
 (Name/Address/Telephone Number of Person Authorized
to Receive Notices and Communications)

January 30, 2001
--------------------------------------------------------------------------------
 (Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report 
the acquisition that is the subject of this Schedule 13D, and is filing this    
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the 
following box / /.                                                              

Note: Schedules filed in paper format shall include a signed original and five  
copies of the schedule, including all exhibits. See ss.240.13d-7(b) for other   
parties to whom copies are to be sent.                                          

*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           
disclosures provided in a prior cover page.                                     

The information required on 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).                                                                         

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SCHEDULE 13D

CUSIP No.  049164 10 6                        Page    2      of Pages     11    

--------------------------------------------------------------------------------
1       NAME OF REPORTING PERSON                                      
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON   

Estate of Michael A. Chowdry                          

--------------------------------------------------------------------------------
 2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *      (a) / /
                                                                 (b) /X/
--------------------------------------------------------------------------------
3       SEC USE ONLY                                                  

--------------------------------------------------------------------------------
4       SOURCE OF FUNDS                                               

OO                                                    
--------------------------------------------------------------------------------
   5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
      TO ITEMS 2(d) or 2(e)                                    / /

--------------------------------------------------------------------------------
6       CITIZENSHIP OR PLACE OF ORGANIZATION                          

Not Applicable                                        
--------------------------------------------------------------------------------
Number of              7      SOLE VOTING POWER                   
shares                      18,200,843                        
      beneficially            --------------------------------------------------
owned by              8      SHARED VOTING POWER                
each                                                        
       reporting              --------------------------------------------------
person               9      SOLE DISPOSITIVE POWER            
with                                                        
    18,200,843
                              --------------------------------------------------
            10      SHARED DISPOSITIVE POWER

------------------------------------------------------------------------------- 
11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   

18,200,843                                            
--------------------------------------------------------------------------------
12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES         
         CERTAIN SHARES*                                             / /

--------------------------------------------------------------------------------
13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)             

47%                                                   
--------------------------------------------------------------------------------
14       TYPE OF REPORTING PERSON*                                      

OO                                                    

------------ -------------------------------------------------------------------

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SCHEDULE 13D

CUSIP No.  049164 10 6                        Page    3      of Pages     11    

--------------------------------------------------------------------------------
1       NAME OF REPORTING PERSON                                      
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON     

   Linda Chowdry as personal representative of the Estate of
Michael A. Chowdry                                    

--------------------------------------------------------------------------------
 2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *      (a) / /
                                                                 (b) /X/
--------------------------------------------------------------------------------
3       SEC USE ONLY                                                  

--------------------------------------------------------------------------------
4       SOURCE OF FUNDS                                               

OO                                                    
--------------------------------------------------------------------------------
   5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
          TO ITEMS 2(d) or 2(e)                                        / /

--------------------------------------------------------------------------------
6       CITIZENSHIP OR PLACE OF ORGANIZATION                          

United States of America                              

--------------------------------------------------------------------------------
Number of              7      SOLE VOTING POWER                   
shares                                                        
      beneficially            --------------------------------------------------
owned by              8      SHARED VOTING POWER                
each                       18,200,843                       
       reporting              --------------------------------------------------
person               9      SOLE DISPOSITIVE POWER            
with                                                        

                              --------------------------------------------------
           10     SHARED DISPOSITIVE POWER

    18,200,843
--------------------------------------------------------------------------------
11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   

18,200,843                                            
--------------------------------------------------------------------------------
12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN 
            SHARES*                                                        / /

--------------------------------------------------------------------------------
13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)             

47%                                                   
--------------------------------------------------------------------------------
14       TYPE OF REPORTING PERSON*                                      

IN                                                    

--------------------------------------------------------------------------------

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SCHEDULE 13D

CUSIP No.   049164 10 6                       Page    4      of Pages     11    

--------------------------------------------------------------------------------
1       NAME OF REPORTING PERSON                                      
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON     

  John S. Blue as personal representative of the Estate of
Michael A. Chowdry                                    

--------------------------------------------------------------------------------
 2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *      (a) / /
                                                                 (b) /X/
--------------------------------------------------------------------------------
3       SEC USE ONLY                                                  

--------------------------------------------------------------------------------
4       SOURCE OF FUNDS                                               

OO                                                    
--------------------------------------------------------------------------------
   5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
            TO ITEMS 2(d) or 2(e)                                          / /

--------------------------------------------------------------------------------
6       CITIZENSHIP OR PLACE OF ORGANIZATION                          

United States of America                              
------------------------- ---------- -------------------------------------------
Number of              7      SOLE VOTING POWER                   
shares                                                        
      beneficially            --------------------------------------------------
owned by              8      SHARED VOTING POWER                
each                       18,200,843                       
       reporting              --------------------------------------------------
person               9      SOLE DISPOSITIVE POWER            
with                                                        

                              --------------------------------------------------
           10     SHARED DISPOSITIVE POWER

    18,200,843

--------------------------------------------------------------------------------
11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   

18,200,843                                            
--------------------------------------------------------------------------------
12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN 
            SHARES*                                                        / /

--------------------------------------------------------------------------------
13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)             

47%                                                   
--------------------------------------------------------------------------------
14       TYPE OF REPORTING PERSON*                                      

IN                                                    
--------------------------------------------------------------------------------

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SCHEDULE 13D

CUSIP No.   049164 10 6                       Page    5      of Pages     11    

--------------------------------------------------------------------------------
1       NAME OF REPORTING PERSON                                      
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON     

Chowdry, Inc.                                         

--------------------------------------------------------------------------------
2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *   (a) / /  
                                                           (b) /X/
--------------------------------------------------------------------------------
3       SEC USE ONLY                                                  

--------------------------------------------------------------------------------
4       SOURCE OF FUNDS                                               

OO                                                    
--------------------------------------------------------------------------------
   5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
        TO ITEMS 2(d) or 2(e)                                      / /

--------------------------------------------------------------------------------
6       CITIZENSHIP OR PLACE OF ORGANIZATION                          

Wyoming                                               
--------------------------------------------------------------------------------
Number of              7      SOLE VOTING POWER                   
shares                      8,826,501                         
      beneficially            --------------------------------------------------
owned by              8      SHARED VOTING POWER                
each                                                        
       reporting              --------------------------------------------------
person               9      SOLE DISPOSITIVE POWER            
with                                                        
   8,826,501
                              --------------------------------------------------
           10     SHARED DISPOSITIVE POWER

--------------------------------------------------------------------------------
11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   

8,826,501                                             
--------------------------------------------------------------------------------
12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN 
           SHARES*                                                       / /

--------------------------------------------------------------------------------
13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)             

23.1%                                                 
--------------------------------------------------------------------------------
14       TYPE OF REPORTING PERSON*                                      

CO                                                    

--------------------------------------------------------------------------------

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SCHEDULE 13D

CUSIP No.  049164 10 6                        Page    6      of Pages     11    

--------------------------------------------------------------------------------
1       NAME OF REPORTING PERSON                                      
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON     

Chowdry Limited Partnership                           

--------------------------------------------------------------------------------
2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *   (a) / /  
                                                           (b) /X/
--------------------------------------------------------------------------------
3       SEC USE ONLY                                                  

--------------------------------------------------------------------------------
4       SOURCE OF FUNDS                                               

OO                                                    
--------------------------------------------------------------------------------
   5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
          TO ITEMS 2(d) or 2(e)                                        / /

--------------------------------------------------------------------------------
6       CITIZENSHIP OR PLACE OF ORGANIZATION                          

Wyoming                                               
--------------------------------------------------------------------------------
Number of              7      SOLE VOTING POWER                   
shares                      7,071,501                         
      beneficially            --------------------------------------------------
owned by              8      SHARED VOTING POWER                
each                                                        
       reporting              --------------------------------------------------
person               9      SOLE DISPOSITIVE POWER            
with                                                        
   7,071,501
                              --------------------------------------------------
           10     SHARED DISPOSITIVE POWER

--------------------------------------------------------------------------------
11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   

7,071,501                                             
--------------------------------------------------------------------------------
12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN 
            SHARES*                                                        / /

--------------------------------------------------------------------------------
13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)             

18.5%                                                 
--------------------------------------------------------------------------------
14       TYPE OF REPORTING PERSON*                                      

PN                                                    

--------------------------------------------------------------------------------

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                                                                    Page 7 of 11

Item 1. Security and Issuer                                                     

  This Schedule relates to common stock of Atlas Air, Inc. ("Atlas Air" or
the "Company"), $ 0.01 par value (the "Common Stock"). The address of the       
principal executive office of the Company is 2000 Westchester Avenue, Purchase, 
NY 10577.                                                                       

Item 2. Identity and Background                                                 

   The Estate of Michael A. Chowdry (the "Estate") results from the death of
Mr. Chowdry on January 24, 2001. On January 30, 2001, Linda Chowdry, John S.    
Blue and Wells Fargo Bank, N.A. (the "Bank"), became the personal               
representatives of the Estate. The Bank is delegating to Linda Chowdry and John 
S. Blue all rights and powers of the Bank with respect to the Common Stock of   
Atlas Air. Ms. Chowdry and Mr. Blue are sometimes called in this Schedule the   
"Personal Representatives."                                                     

    Linda Chowdry is a citizen of the United States of America, whose business
address is Atlas Air, 538 Commons Drive, Golden CO 80401. Ms. Chowdry is a      
director and member of the Executive Committee of Atlas Air.                    

   John S. Blue is a citizen of the United States of America, whose business
address is Atlas Air, 538 Commons Drive, Golden, CO 80401. Mr. Blue's is an     
executive officer of Aeronautics Leasing, Inc., a company that formerly leased  
aircraft, and is an advisor to Linda Chowdry and the Chowdry family.            

     Chowdry, Inc. is a Wyoming corporation and is the general corporate partner
of Chowdry Limited Partnership, a Wyoming limited partnership (the              
"Partnership"). The address of the principal business and the principal office  
of both Chowdry, Inc. and the Partnership is 622 Pioneer Avenue, Cheyenne,      
Wyoming 82001. The principal business of Chowdry, Inc. is acting as the general 
partner of the Partnership. In that role, Chowdry, Inc. controls and manages the
business and affairs of the Partnership. The purpose of the Partnership is to   
acquire, invest in, manage, and otherwise deal for profit in securities of      
public and private corporations and to conduct such other business as the       
general partner may in its discretion determine.                                

     The current officers of Chowdry, Inc. are: Alan A. Kirkbride, President and
Treasurer; John S Blue, Vice President and Assistant Treasurer; and Linda L.    
Kirkbride, Secretary. Mr. and Mrs. Kirkbride are both citizens of the United    
States of America. Their business address is the same address as the            
Partnership. The principal occupations of Mr. and Mrs. Kirkbride are ranchers.  

     During the last five years, the Estate, Chowdry, Inc., the Partnership, Ms.
Chowdry, Mr. Blue and Mr. and Mrs. Kirkbride have not been convicted in a       
criminal proceeding (excluding traffic violations or similar misdemeanors).     
During the past five years, each of them has also not been a party to a civil   
proceeding of a judicial or administrative body of competent jurisdiction as a  
result of which any of them was or is subject to a judgment, decree or final    
order enjoining future violations of, or prohibiting or mandating activities    
subject to, federal or state securities laws or finding any violation with      
respect to such laws.                                                           

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Item 3. Source and Amount of Funds or Other Consideration                       

     The Estate acquired, and thereby the Personal Representatives of the Estate
acquired, shares of Common Stock owned by Mr. Chowdry and 100% of the           
outstanding capital stock of Chowdry, Inc. as a result of the death of Mr.      
Chowdry. No funds were involved in this transfer.                               

     Prior to Atlas Air's becoming a public company, the predecessor entities of
Chowdry, Inc. and the Partnership acquired the Common Stock beneficially owned  
by them from Mr. Chowdry who was the founder of Atlas Air and, for a small      
number of shares of Common Stock, from Ms. Chowdry. The predecessor entities    
issued interests in the entities for the Common Stock owned now by Chowdry, Inc.
and the Partnership, except that the predecessor of the Partnership purchased   
shares that are now 5,512,500 shares of Common Stock of Atlas Air by issuing to 
Mr. Chowdry a promissory note of the predecessor Partnership. The Estate now    
holds such promissory note.                                                     

Item 4. Purpose of Transaction                                                  

   The shares of Common Stock beneficially owned by the Estate, the Personal
Representatives, Chowdry, Inc. and the Partnership were originally owned by     
Michael A. Chowdry, the founder of Atlas Air. The shares are held by these      
parties for investment purposes and may also represent a controlling interest in
Atlas Air.                                                                      

    On February 8, 2001, Linda Chowdry was elected a director of Atlas Air and
a member of the Executive Committee of Atlas Air.                               

    The Estate may acquire additional shares of Atlas Air upon the exercise of
options that were held by Michael A. Chowdry. The Estate, Chowdry, Inc. and the 
Partnership may also engage in transactions in which shares of the Common Stock 
are transferred or exchanged among them. After these transactions, the Estate   
and Personal Representatives will continue to be the beneficial owners of such  
shares.                                                                         

Except as described above, the Estate, the Personal Representatives,  
Chowdry, Inc. and the Partnership have no plans or proposals which relate to or 
would result in: (a) the acquisition by any person of additional securities of  
the Company, or the disposition of securities of the Company; (b) an            
extraordinary corporate transaction, such as a merger, reorganization or        
liquidation, involving the Company or any of its subsidiaries; (c) a sale or    
transfer of a material amount of assets of the Company or any of its            
subsidiaries; (d) any change in the present board of directors or management of 
the Company, including any plans or proposals to change the number or term of   
directors or to fill any existing vacancies on the board; (e) any material      
change in the present capitalization or dividend policy of the Company; (f) any 
other material change in the Company's business or corporate structure; (g)     
changes in the Company's charter, bylaws or instruments corresponding thereto or
other actions which may impede the acquisition of control of the Company by any 
person; (h) causing a class of securities of the Company to be delisted from a  
national securities exchange or to cease to be                                  

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                                                                    Page 9 of 11

authorized to be quoted in an inter-dealer quotation system of a registered     
national securities association; (i) a class of equity securities of the Company
becoming eligible for termination of registration pursuant to Section 12(g)(4)  
of the Securities Exchange Act of 1934; or (j) any action similar to any of     
those enumerated above.                                                         

Item 5. Interest in Securities of the Issuer                                    

   (a) The Estate and the Personal Representatives beneficially owned, as of
January 31, 2001, 18,200,843 shares of Common Stock representing 47% of the     
outstanding Common Stock. This number of shares includes options to acquire     
503,440 shares of Common Stock, which options are fully vested and exercisable. 
At January 31, 2001, Chowdry, Inc. beneficially owned 8,826,501 shares of Common
Stock representing 23.1% of the outstanding Common Stock. At January 31, 2001,  
the Partnership beneficially owned 7,071,501 shares of Common Stock representing
18.5% of the shares of Common Stock.                                            

    (b) The Estate has the sole power to vote and dispose of 18,200,843 shares
of Common Stock. The Personal Representatives have shared power with each other 
to vote and dispose of 18,200,843 shares of Common Stock.                       

     The Estate and the Personal Representatives have the power to determine how
to vote shares of Common Stock owned by Chowdry, Inc. and the Partnership and   
whether or not to dispose of any shares of Common Stock owned by Chowdry, Inc.  
and the Partnership. The powers of the Estate and the Personal Representative   
are derived from the ownership of 100% of the outstanding stock of Chowdry, Inc.
which in turn manages the Partnership. Chowdry, Inc. and the Partnership have   
the sole power to vote and dispose of the Common Stock beneficially owned by    
them.                                                                           

    Because of the Estate's and Personal Representatives' powers regarding the
Common Stock owned by Chowdry, Inc. and the Partnership, and because of the     
Personal Representatives' roles at these two entities, the parties filing this  
Schedule might be deemed to be acting as a group in regard to the Common Stock. 
However, the parties disclaim any agreement to act together for the purpose of  
acquiring, holding, voting or disposing of the Common Stock and thus disclaim   
any such group exists.                                                          

  (c) The persons named in Item 5(a) have not effected any transactions in
the Common Stock during the past sixty days.                                    

  (d) By virtue of the terms of the will of Michael A. Chowdry and a trust
created under that will, Linda Chowdry has the right to receive dividends from  
any Common Stock held by the Estate and by Chowdry, Inc. The limited partners of
the Partnership, which includes a trust for the benefit of the children of      
Michael and Linda Chowdry, have the right to receive dividends, or proceeds from
the sale of, Common Stock owned by the Partnership.                             

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Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer                                        

  The Personal Representatives and Wells Fargo Bank, N.A., intend to enter
into a written agreement delegating the powers of the Bank with respect to the  
Common Stock. This agreement will be filed by amendment to this Schedule 13D.   
Except for this contract, the Estate, the Personal Representatives, Chowdry,    
Inc. and the Partnership have no contracts, arrangements, understandings or     
relationships with any other person or entity with respect to the Common Stock. 

Item 7. Material to be Filed as Exhibits                                        

     The following agreement is an exhibit to this Schedule: Agreement Regarding
Filing among the Estate, the Personal Representatives, Chowdry, Inc. and the    
Partnership.                                                                    

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                                                                   Page 11 of 11

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, 2001                                                               
--------------------------------------                                          
Date                                                                            

ESTATE OF MICHAEL A. CHOWDRY                                                    

By:   /s/ Linda Chowdry                                                         
---------------------------------                                     
Linda Chowdry, as personal                                            
representative                                                    

And                                                                             

By:   /s/ John S. Blue                                                          
-----------------------------------                                     
John S. Blue, as personal                                               
representative                                                      

/s/ Linda Chowdry                                                           
---------------------------------------                                         
Linda Chowdry, as personal                                                      
representative of Estate of                                                     
Michael A. Chowdry                                                              

/s/ John S. Blue                                                            
----------------------------------------                                        
John S. Blue, as personal representative                                        
of Estate of Michael A. Chowdry                                                 

CHOWDRY LIMITED PARTNERSHIP                                                     
By:    Chowdry, Inc., General Partner                                     

By: /s/ John S. Blue                                                      
---------------------------------                                 
John S. Blue, Vice President                                      

CHOWDRY, INC.                                                                   

By:  /s/ John S. Blue                                                           
-----------------------------------                                   
John S. Blue Vice President                                           

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EXHIBIT TO SCHEDULE 13D OF
ESTATE OF MICHAEL A. CHOWDRY, LINDA CHOWDRY, JOHN S. BLUE,
CHOWDRY INC. AND CHOWDRY LIMITED PARTNERSHIP

 Dated February 13, 2001

AGREEMENT REGARDING FILING

The undersigned hereby expressly agree that they will file together a Schedule  
13D and any further amendments to the Schedule 13D 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, 2001                                                        

ESTATE OF MICHAEL A. CHOWDRY                                                    

By:  /s/ Linda Chowdry                                                    
--------------------------------------                            
Linda Chowdry, Personal Representative                            

By:  /s/ John S. Blue                                                     
--------------------------------------                            
John S. Blue, Personal Representative                             

/s/ Linda Chowdry                                                               
---------------------------------------------                                   
Linda Chowdry, as personal representative of                                    
Estate of Michael A. Chowdry                                                    

/s/ John S. Blue                                                          
---------------------------------------------                                   
John S. Blue, as personal representative of                                     
Estate of Michael A. Chowdry                                                    

CHOWDRY LIMITED PARTNERSHIP                                                     
By: Chowdry, Inc., General Partner                                        

By: /s/ John S. Blue                                                      
--------------------------------------                            
John S. Blue, Vice President                                      

CHOWDRY, INC.                                                                   

By:    /s/ John S. Blue                                                         
----------------------------------------                              
John S. Blue Vice President                                           

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘SC 13D’ Filing		Date		First		Last			Other Filings
Filed on:		2/16/01
		2/13/01		11		12			8-K,  SC 13G/A
		2/8/01		8
		1/31/01		9
		1/30/01		1		7			8-K
		1/24/01		7
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