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SCHEDULE 13D
Under the Securities Exchange Act of 1934
Air Transport Services Group, Inc.
--------------------------------------------------------------------------------
(Name of Company)
Common Stock, par value $.01
--------------------------------------------------------------------------------
(Title of Class of Securities)
00922R105
--------------------------------------------------------------------------------
(CUSIP Number of Class of Securities)
William Kourakos
Perella Weinberg Partners Capital Management LP
767 Fifth Avenue
New York, NY 10153
(212) 287-3318
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 1, 2008
--------------------------------------------------------------------------------
(Date of Event which Requires
Filing of this Schedule)
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. [x]
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 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).
SCHEDULE 13D
------------------------------ --------------------
CUSIP NO. 00922R105 PAGE 3 OF 13 PAGES
------------------------------ --------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PERELLA WEINBERG PARTNERS XERION MASTER FUND LTD.
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC (See Item 3)
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
[ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES --------- ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 5,000,000 Shares of Common Stock
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,000,000 Shares of Common Stock
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,000,000 Shares of Common Stock
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
7.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
----------- --------------------------------------------------------------------
SCHEDULE 13D
------------------------------ --------------------
CUSIP NO. 00922R105 PAGE 4 OF 13 PAGES
------------------------------ --------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PERELLA WEINBERG PARTNERS XERION EQUITY LP
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC (See Item 3)
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
[ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES --------- ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 5,000,000 Shares of Common Stock
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,000,000 Shares of Common Stock
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,000,000 Shares of Common Stock
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
7.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
----------- --------------------------------------------------------------------
SCHEDULE 13D
------------------------------ --------------------
CUSIP NO. 00922R105 PAGE 5 OF 13 PAGES
------------------------------ --------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PERELLA WEINBERG PARTNERS XERION FUND GP LLC
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC (See Item 3)
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
[ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES --------- ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 5,000,000 Shares of Common Stock
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,000,000 Shares of Common Stock
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,000,000 Shares of Common Stock
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
7.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
----------- --------------------------------------------------------------------
SCHEDULE 13D
------------------------------ --------------------
CUSIP NO. 00922R105 PAGE 6 OF 13 PAGES
------------------------------ --------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PERELLA WEINBERG PARTNERS CAPITAL MANAGEMENT LP
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC (See Item 3)
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
[ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES --------- ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 5,000,000 Shares of Common Stock
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,000,000 Shares of Common Stock
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,000,000 Shares of Common Stock
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
7.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
----------- --------------------------------------------------------------------
SCHEDULE 13D
------------------------------ --------------------
CUSIP NO. 00922R105 PAGE 7 OF 13 PAGES
------------------------------ --------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PERELLA WEINBERG PARTNERS CAPITAL MANAGEMENT GP LLC
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC (See Item 3)
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
[ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES --------- ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 5,000,000 Shares of Common Stock
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,000,000 Shares of Common Stock
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,000,000 Shares of Common Stock
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
7.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
----------- --------------------------------------------------------------------
SCHEDULE 13D
------------------------------ --------------------
CUSIP NO. 00922R105 PAGE 8 OF 13 PAGES
------------------------------ --------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PERELLA WEINBERG PARTNERS GROUP LP
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC (See Item 3)
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
[ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES --------- ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 5,000,000 Shares of Common Stock
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,000,000 Shares of Common Stock
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,000,000 Shares of Common Stock
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
7.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
----------- --------------------------------------------------------------------
--------------------- --------------------
CUSIP No. 00922R105 SCHEDULE 13D Page 9 of 13 Pages
--------------------- --------------------
This Schedule 13D is being filed by (i) Perella Weinberg Partners Xerion Master
Fund Ltd., a Bermuda limited company (the "Master Fund"), with respect to shares
of Common Stock directly owned by it; (ii) Perella Weinberg Partners Xerion
Equity LP, a Delaware limited partnership (the "Master Fund Manager"), which
serves as the manager of the Master Fund, with respect to shares of Common Stock
directly owned by the Master Fund; (iii) Perella Weinberg Partners Xerion Fund
GP LLC, a Delaware limited liability company (the "GP"), which serves as the
general partner of the Master Fund Manager, with respect to shares of Common
Stock directly owned by the Master Fund; (iv) Perella Weinberg Partners Capital
Management LP, a Delaware limited partnership (the "Investment Manager") that is
registered with the Securities and Exchange Commission as an investment adviser,
which indirectly serves as the investment adviser to the Master Fund and is also
the managing member of the GP, with respect to the shares of Common Stock
directly owned by the Master Fund; (v) Perella Weinberg Partners Capital
Management GP LLC, a Delaware limited liability company ("PWPCMGP"), which
serves as the general partner of the Investment Manager, which indirectly serves
as the investment adviser to the Master Fund, with respect to the shares of
Common Stock directly owned by the Master Fund; and (vi) Perella Weinberg
Partners Group LP, a Delaware limited partnership ("Group"), which serves as the
managing member of PWPCMGP, the general partner of the Investment Manager, which
indirectly serves as the investment adviser to the Master Fund, with respect to
the shares of Common Stock directly owned by the Master Fund. The foregoing
persons are hereinafter collectively referred to as the "Reporting Persons." Any
disclosures herein with respect to persons other than the Reporting Persons are
made on information and belief after making inquiry to the appropriate party.
This Schedule 13D relates to the Common Stock, par value $.01, of Air Transport
Services Group, Inc., a Delaware corporation (the "Company"). Unless the context
otherwise requires, references herein to the "Shares" are to the Common Stock of
the Company.
The Reporting Persons are making this single, joint filing because they may
be deemed to constitute a "group" within the meaning of Section 13(d)(3) of the
Act. The agreement among the Reporting Persons to file jointly (the "Joint
Filing Agreement") is attached hereto as Exhibit A.
The Master Fund Manager, as manager to the Master Fund, which directly owns
the Common Stock to which this filing relates, has voting and dispositive
authority over such Common Stock. As such, the Master Fund Manager may be deemed
to be the beneficial owner of such Common Stock. The GP, as general partner to
the Master Fund Manager, may be deemed to control such entity and therefore, may
be deemed to be the beneficial owner of the Common Stock to which this filing
relates. The Investment Manager is the managing member of the GP. As such, it
may be deemed to control such entity and therefore may be deemed to be the
beneficial owner of the Common Stock to which this filing relates. PWPCMGP is
the general partner of the Investment Manager. As such, it may be deemed to
control such entity and therefore, may be deemed to be the beneficial owner of
the Common Stock to which this filing relates. Group is the managing member of
PWPCMGP. As such, it may be deemed to control PWPCMGP and therefore, may be
deemed to be the beneficial owner of the Common Stock to which this filing
relates.
Each of the Master Fund Manager, the GP, the Investment Manager, PWPCMGP
and Group disclaims beneficial ownership of all of the Shares reported in this
Schedule 13D.
--------------------- --------------------
CUSIP No. 00922R105 SCHEDULE 13D Page 10 of 13 Pages
--------------------- --------------------
ITEM 1. SECURITY AND ISSUER.
This statement on Schedule 13D relates to the Common Stock, par value $.01,
of the Company, acquired by the Master Fund. The Company's principal executive
office is located at 145 Hunter Drive, Wilmington, Ohio 45177.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This statement is filed on behalf of the Master Fund, the Master Fund
Manager, the GP, the Investment Manager, PWPCMGP and Group.
(b) The address of the principal business office of each of the Reporting
Persons except the Master Fund is 767 Fifth Avenue, New York, NY 10153. The
address of the principal business of the Master Fund is c/o Citco Fund Services
(Bermuda) Limited, Washington Mall West, 7 Reid Street, Hamilton HM II Bermuda.
(c) The Master Fund is primarily engaged in the business of investing
securities. The principal business of the Master Fund Manager is to serve as
manager to the Master Fund. The GP is the general partner of the Master Fund
Manager. The Investment Manager indirectly serves as the investment adviser to
the Master Fund and is also the managing member of the GP. PWPCMGP is the
general partner of the Investment Manager. Group serves as the managing member
of PWPCMGP.
(d) To the best of their knowledge, none of the Reporting Persons nor any
of their executive officers or members has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) To the best of their knowledge, none of the Reporting Persons nor any
of their executive officers or members has, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding 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.
(f) The Master Fund is a Bermuda exempted investment Fund company. The
Master Fund Manager, the Investment Manager and Group are limited partnerships
organized under the laws of the State of Delaware. The GP and PWPCMGP are
limited liability companies organized under the laws of the State of Delaware.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The 5,000,000 Shares of Common Stock reported in this Schedule 13D were
acquired by the Master Fund. The aggregate purchase price for the 5,000,000
Shares of Common Stock was approximately $10,700,732. The Master Fund Manager,
the GP, the Investment Manager, PWPCMGP and Group do not directly own any
Shares. The source of funds for the purchase of the Shares reported in this
Schedule 13D was the working capital of the Master Fund.
--------------------- --------------------
CUSIP No. 00922R105 SCHEDULE 13D Page 11 of 13 Pages
--------------------- --------------------
ITEM 4. PURPOSE OF TRANSACTION.
The Shares reported in this Schedule 13D were acquired for investment in
the ordinary course of business. Other than as described below, the Reporting
Persons do not have any present plan or proposal that would relate to, or result
in, any of the matters set forth in subparagraphs (a) - (j) of Item 4 of
Schedule 13D. The Master Fund has sent a letter to management of the Company
requesting a meeting with a view toward encouraging management to explore
strategic alternatives to maximize value for the shareholders in the wake of the
recent termination of the Company's DHL related businesses. The primary interest
of the Reporting Persons is to ensure that the value of the Common Stock of the
Company is maximized for the benefit of all shareholders. The Reporting Persons
intend to review their investment in the Company on a continuing basis and may
engage in discussions with management, the board of directors, other
shareholders of the Company and other relevant parties concerning the business,
operations, management, governance, strategy and future plans of the Company.
Depending on various factors including, without limitation, the Company's
financial position and strategic direction, the outcome of the discussions and
actions referenced above, actions taken by the board of directors, price levels
of the Common Stock, other investment opportunities available to the Reporting
Persons, conditions in the securities market and general economic and industry
conditions, the Reporting Persons may in the future take such actions with
respect to their investment in the Company as they deem appropriate including,
without limitation, purchasing additional shares of Common Stock or selling some
or all of their shares of Common Stock, engaging in short selling of or any
hedging or similar transactions with respect to the shares of Common Stock
and/or otherwise changing their intention with respect to any and all matters
referred to in Item 4 of Schedule 13D.
The Reporting Persons had previously filed their beneficial ownership on
Schedule 13G. However, in light of the foregoing developments, the Reporting
Persons may be deemed to hold the securities with a purpose or effect of
changing or influencing the control of the issuer as of July 1, 2008, and they
have now filed on Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE COMPANY.
(a) The Reporting Persons may be deemed to beneficially own, in the
aggregate, 5,000,000 Shares of Common Stock Shares, representing approximately
7.9% of the Company's outstanding Common Stock (based upon the 63,227,084 Shares
stated to be outstanding by the Company as of May 12, 2008, in the Company's
Form 10-Q for the quarter ended on March 31, 2008, filed with the Securities and
Exchange Commission on May 13, 2008.
(b) The Reporting Persons may be deemed to have shared voting power with
respect to 5,000,000 Shares of Common Stock.
(c) See Exhibit B attached hereto. The transactions set forth on Exhibit B
were effected by the Reporting Persons for securities issued by the Company
within 60 days preceding the filing of this Schedule 13D.
(d) The shareholders of the Master Fund have the right to participate
indirectly in the receipt of dividends from, or proceeds from the sale of, the
Shares in accordance with their respective ownership interests.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE COMPANY.
The Reporting Persons do not have any contract, arrangement, understanding
or relationship with any person with respect to securities of the Company.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A -- Joint Filing Agreement dated July 2, 2008, signed by each of the
Reporting Persons in order to confirm that this statement is being filed on
behalf of each of the Reporting Persons.
Exhibit B -- List of transactions in Company's Common Stock taking place during
the 60 day period preceding this filing.
--------------------- --------------------
CUSIP No. 00922R105 SCHEDULE 13D Page 12 of 13 Pages
--------------------- --------------------
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Dated: July 2, 2008
PERELLA WEINBERG PARTNERS XERION MASTER
FUND LTD.
/s/ William Kourakos
------------------------------------
Name: William Kourakos
Title: Authorized Person
PERELLA WEINBERG PARTNERS XERION EQUITY LP
/s/ William Kourakos
------------------------------------
Name: William Kourakos
Title: Partner and Authorized Person
PERELLA WEINBERG PARTNERS XERION FUND GP LLC
/s/ William Kourakos
------------------------------------
Name: William Kourakos
Title: Authorized Person
PERELLA WEINBERG PARTNERS CAPITAL
MANAGEMENT LP
/s/ William Kourakos
------------------------------------
Name: William Kourakos
Title: Partner and Authorized Person
PERELLA WEINBERG PARTNERS CAPITAL
MANAGEMENT GP LLC
/s/ William Kourakos
------------------------------------
Name: William Kourakos
Title: Authorized Person
PERELLA WEINBERG PARTNERS GROUP LP
/s/ William Kourakos
------------------------------------
Name: William Kourakos
Title: Partner and Authorized Person
--------------------- --------------------
CUSIP No. 00922R105 SCHEDULE 13D Page 13 of 13 Pages
--------------------- --------------------
EXHIBIT INDEX
Exhibit A -- Joint Filing Agreement dated July 2, 2008, signed by each of the
Reporting Persons in order to confirm that this statement is being filed on
behalf of each of the Reporting Persons.
Exhibit B -- List of transactions in Company's Common Stock taking place during
the 60 day period preceding this filing.
CUSIP No. 00922R105 SCHEDULE 13D
EXHIBIT A
JOINT FILING AGREEMENT
This will confirm the agreement by and among the undersigned that the schedule
13D filed with the Securities and Exchange Commission on or about the date
hereof with respect to the beneficial ownership by the undersigned of the Common
Stock, $0.01 par value per share, of Air Transport Services Group, Inc., a
Delaware corporation, is being filed, and all amendments thereto will be filed,
on behalf of each of the persons and entities named below, in accordance with
Rule 13d-1 under the Securities Exchange Act of 1934, as amended. This Agreement
may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument.
Dated as of July 2, 2008
PERELLA WEINBERG PARTNERS XERION MASTER
FUND LTD.
/s/ William Kourakos
------------------------------------
Name: William Kourakos
Title: Authorized Person
PERELLA WEINBERG PARTNERS XERION EQUITY LP
/s/ William Kourakos
------------------------------------
Name: William Kourakos
Title: Partner and Authorized Person
PERELLA WEINBERG PARTNERS XERION FUND GP LLC
/s/ William Kourakos
------------------------------------
Name: William Kourakos
Title: Authorized Person
PERELLA WEINBERG PARTNERS CAPITAL
MANAGEMENT LP
/s/ William Kourakos
------------------------------------
Name: William Kourakos
Title: Partner and Authorized Person
PERELLA WEINBERG PARTNERS CAPITAL
MANAGEMENT GP LLC
/s/ William Kourakos
------------------------------------
Name: William Kourakos
Title: Authorized Person
PERELLA WEINBERG PARTNERS GROUP LP
/s/ William Kourakos
------------------------------------
Name: William Kourakos
Title: Partner and Authorized Person
CUSIP No. 00922R105 SCHEDULE 13D
EXHIBIT B
LIST OF TRANSACTIONS
Name Date Number of Shares Price Per Share
Purchased/ (Sold)
Perella Weinberg Partners Xerion 06/17/2008 (7,300) $1.14
Master Fund Ltd.
Perella Weinberg Partners Xerion 06/17/2008 7,300 $0.98
Master Fund Ltd.
Perella Weinberg Partners Xerion 06/12/2008 140,000 $0.91
Master Fund Ltd.
Perella Weinberg Partners Xerion 06/11/2008 100,000 $0.95
Master Fund Ltd.
Perella Weinberg Partners Xerion 06/11/2008 20,000 $0.93
Master Fund Ltd.
Perella Weinberg Partners Xerion 06/10/2008 110,000 $0.97
Master Fund Ltd.
Perella Weinberg Partners Xerion 06/09/2008 30,000 $0.95
Master Fund Ltd.
Perella Weinberg Partners Xerion 06/09/2008 100,000 $0.96
Master Fund Ltd.
Perella Weinberg Partners Xerion 06/06/2008 500,000 $1.02
Master Fund Ltd.
Perella Weinberg Partners Xerion 06/06/2008 1,000,000 $0.98
Master Fund Ltd.
Perella Weinberg Partners Xerion 06/05/2008 100,000 $1.14
Master Fund Ltd.
Perella Weinberg Partners Xerion 06/05/2008 100,000 $1.17
Master Fund Ltd.
Perella Weinberg Partners Xerion 06/04/2008 70,000 $1.24
Master Fund Ltd.
Perella Weinberg Partners Xerion 06/03/2008 130,000 $1.31
Master Fund Ltd.
Perella Weinberg Partners Xerion 06/02/2008 200,000 $1.46
Master Fund Ltd.
Perella Weinberg Partners Xerion 05/30/2008 316,600 $1.65
Master Fund Ltd.
Perella Weinberg Partners Xerion 05/29/2008 483,400 $1.72
Master Fund Ltd.
Perella Weinberg Partners Xerion 05/06/2008 17,700 $2.69
Master Fund Ltd.
Perella Weinberg Partners Xerion 05/05/2008 57,300 $2.67
Master Fund Ltd.
Perella Weinberg Partners Xerion 05/02/2008 17,300 $2.69
Master Fund Ltd.