In 2003, Mr. Turoff was elected to the board of directors as the independent director of a special purpose, bankruptcy remote subsidiary of Atlas Air Worldwide Holdings, Inc. and its subsidiaries. During the bankruptcy proceedings of the parent, while the special purpose subsidiary was prepared to file under Chapter 11 of the Bankruptcy Code with creditor approval, circumstances arose that precluded the necessity for such filing. The reorganization of the parent companies became effective in 2004 and has been so successful that the indebtedness requiring an independent director was paid in full at which time Mr. Turoff’s involvement was no longer required.