It does not take much digging into Atlas Air Worldwide Holdings (AAW) to unearth a complex clutch of businesses. The parent company owns an aircraft lessor as well as at least part of three airlines that fly both cargo and passengers under for-hire agreements. In some cases, it flies customers’ aircraft; in others, it flies its own. It even leases aircraft to some customers that turn around and contract one of the AAW airlines to pilot, maintain and insure them. But beneath the ...


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