UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                  SCHEDULE l3D
                    Under the Securities Exchange Act of 1934
                               (Amendment No. 8)*



                       ATLAS AIR WORLDWIDE HOLDINGS, INC.
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                                (Name of Issuer)

                     Common Stock, par value $0.01 per share
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                         (Title of Class of Securities)

                                    049164205
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                                 (CUSIP Number)
                                                     with a copy to:
     Stephen Feinberg                                Robert G. Minion, Esq.
     299 Park Avenue                                 Lowenstein Sandler PC
     22nd Floor                                      65 Livingston Avenue
     New York, New York  10171                       Roseland, New Jersey  07068
     (212) 891-2100                                  (973) 597-2424
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                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                November 3, 2006
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            (Date of Event which Requires Filing of this Statement)


If the filing person has previously  filed a statement on Schedule l3G to report
the  acquisition  that is the  subject of this  Schedule 13D, and is filing this
schedule because of Sections 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 Section 240.13d-7 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).





Cusip No.      049164205
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  1)   Names of Reporting Persons.  I.R.S. Identification Nos. of  above persons
       (entities only):

                                Stephen Feinberg
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  2)   Check the Appropriate Box if a Member of a Group (See Instructions):
             (a)                    Not
             (b)                 Applicable
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  3)   SEC Use Only

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  4)   Source of Funds (See Instructions):  WC, OO
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  5)   Check if  Disclosure of  Legal Proceedings Is  Required Pursuant to Items
       2(d) or 2(e):         Not Applicable
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  6)   Citizenship or Place of Organization:    United States
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        Number of                     7) Sole Voting Power:            *
                                         ---------------------------------------
        Shares Beneficially           8) Shared Voting Power:          *
                                         ---------------------------------------
        Owned by
        Each Reporting                9) Sole Dispositive Power:       *
                                         ---------------------------------------
        Person With                  10) Shared Dispositive Power:     *
                                         ---------------------------------------
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  11)  Aggregate Amount Beneficially Owned by Each Reporting Person:    919,814*

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  12)  Check if the Aggregate Amount in Row (11) Excludes Certain Shares  (See
       Instructions):      Not Applicable
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  13)  Percent of Class Represented by Amount in Row (11):     4.6%*
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  14)  Type of Reporting Person (See Instructions):     IA, IN
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* Cerberus Partners, L.P., a Delaware limited partnership  ("Cerberus"),  is the
holder of 138,996  shares of the common  stock,  par value  $0.01 per share (the
"Shares"),  of Atlas Air Worldwide Holdings,  Inc., a Delaware  corporation (the
"Company"), Cerberus International, Ltd., a corporation organized under the laws
of the  Bahamas  ("International"),  is the holder of 447,415  Shares,  Cerberus
Series Two Holdings, LLC, a Delaware limited liability company ("Cerberus Series
Two"), is the holder of 102,850 Shares,  Cerberus Series Three Holdings,  LLC, a
Delaware limited liability company  ("Cerberus Series Three"),  is the holder of
184,440 Shares,  Cerberus  America Series One Holdings,  LLC, a Delaware limited
liability company  ("Cerberus America One"), is the holder of 17,117 Shares, and
Cerberus America Series Two Holdings,  LLC, a Delaware limited liability company
("Cerberus  America  Two"),  is the holder of 28,996  Shares.  Stephen  Feinberg
possesses  sole power to vote and direct the  disposition  of all Shares held by
Cerberus,  International,  Cerberus Series Two, Cerberus Series Three,  Cerberus
America One and Cerberus  America  Two.  Thus,  as of November 3, 2006,  for the
purposes of Reg. Section  240.13d-3,  Stephen Feinberg is deemed to beneficially
own 919,814  Shares,  or 4.6% of the Shares deemed issued and  outstanding as of
that date.






Item 5.   Interest in Securities of the Issuer.
          ------------------------------------

                  Item 5 is hereby amended by deleting Item 5 in its entirety
and by substituting the following in lieu thereof:

                  Based upon information set forth in the Company's Quarterly
Report on Form 10-Q as filed with the Securities and Exchange Commission on
August 14, 2006, there were 20,049,108 Shares issued and outstanding as of June
30, 2006. As of November 3, 2006, Cerberus was the holder of 138,996 Shares,
International was the holder of 447,415 Shares, Cerberus Series Two was the
holder of 102,850 Shares, Cerberus Series Three was the holder of 184,440
Shares, Cerberus America One was the holder of 17,117 Shares and Cerberus
America Two was the holder of 28,996 Shares. Stephen Feinberg possesses sole
power to vote and direct the disposition of all Shares held by Cerberus,
International, Cerberus Series Two, Cerberus Series Three, Cerberus America One
and Cerberus America Two. Thus, as of November 3, 2006, for the purposes of Reg.
Section 240.13d-3, Mr. Feinberg is deemed to beneficially own 919,814 Shares, or
4.6% of the Shares deemed issued and outstanding as of that date.

                  The only transactions in Shares, or securities convertible
into, exercisable for or exchangeable for Shares, by Mr. Feinberg or any other
person or entity controlled by him or any person or entity for which he
possesses voting or investment control over the securities thereof (each of
which was effected in an ordinary brokerage transaction) since the filing of the
Schedule 13D Amendment No. 7 by Mr. Feinberg as of November 2, 2006, were the
November 3, 2006 sale of 12,614 Shares, 40,613 Shares, 9,320 Shares, 16,738
Shares, 1,552 Shares and 2,633 Shares by Cerberus, International, Cerberus
Series Two, Cerberus Series Three, Cerberus America One and Cerberus America
Two, respectively, for $43.3139 per Share.

                  On November 3, 2006, Stephen Feinberg ceased to be the
beneficial owner of more than five percent of the Shares.





                                    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.


                                        November 6, 2006


                                        /s/ Stephen Feinberg
                                        ----------------------------------------
                                        Stephen Feinberg, on behalf of  Cerberus
                                        Associates,  L.L.C., the general partner
                                        of Cerberus Partners, L.P., and Cerberus
                                        International, Ltd., Cerberus Series Two
                                        Holdings,   LLC,  Cerberus Series  Three
                                        Holdings,  LLC,  Cerberus America Series
                                        One Holdings,  LLC and Cerberus  America
                                        Series Two Holdings, LLC



      Attention: Intentional misstatements or omissions of fact constitute
               Federal criminal violations (See 18 U.S.C. 1001).