A group of JetSmarter backers says JSH Partners, which holds their interests in VistaJet, XO’s parent, Vista Global, is stonewalling.
Seven years after Vista Global acquired JetSmarter, early investors in the jet-sharing platform filed a verified complaint seeking inspection of books and records.
The complaint was filed on September 10, 2026, in the Delaware Court of Chancery and only names JSH Partners, LLC.
KZ Capital General Trading, LLC, Septaria Family Trust, Septaria Ventures, LLC, Vorona Investments, LLC, and Darius K Consulting, Inc. are plaintiffs in the complaint.
They say they cannot document how their original securities became the JSH Partners and Vista Global interests “now being monetized, allocated, or potentially canceled.”
The plaintiffs tie their filing to the latest rumors of a Vista Global IPO.
Dubai-based Vista Global is the parent of private jet providers VistaJet and XO.
Vista Global bought JetSmarter in 2019.
The plaintiffs want information about their investments, which they say are now part of JSH’s stake in Vista Global.
Per the filing, “The purposes of the Books and Records Demand are to value their interests in JSH and to evaluate the status of JSH’s business and financial condition.”
The plaintiffs say they made their initial demand on July 10, 2026.
They have not yet received a response.
The filing states:
‘JSH was formed in connection with Vista Global Holding Limited’s 2019 acquisition of JetSmarter and received Vista-related consideration on behalf of former JetSmarter equity holders. JSH has since held and administered interests tied to Vista, including Vista-related equity and cash consideration. Plaintiffs’ JSH interests therefore represent their continuing economic participation in consideration arising from the JetSmarter-Vista transaction.’
The plaintiffs listed their financial interests in JSH:
Blue Maverick Holdings, LP, is JSH’s manager, per the plaintiffs.
In a press release issued by Dmitry Romantsov, representing investors, the plaintiffs outline their investing history in the one-time unicorn.
The release states:
‘In 2014, Septaria US invested $1.65 million in JetSmarter’s Round A financing. It was the beginning of a relationship in which the same network of investors would continue backing the company through subsequent financing rounds. Today, the investor group acting together includes entities whose identified historical positions total at least $25.75 million: Septaria US, Septaria Ventures, Vorona Investments, Darius K Consulting and KZ Capital General Trading. Septaria Ventures invested $2 million in Round B. Vorona Investments holds a $5 million position and Darius K Consulting $2.1 million. KZ Capital’s $15 million investment is independently reflected in the Delaware Court of Chancery record.’
According to the press release, JSH Partners holds 1,280,320 ordinary Vista shares.
They have an original stated value of $40 million. The company designates the shares as Class 1 Stock Consideration.
JSH has a further 4,782,479 ordinary Vista shares designated as Class 2 Stock Consideration, subject to a Put Option exercisable by JSH Partners at $239,064,206; and 1,000,250 convertible Vista shares, “which convert automatically on a Vista liquidity event implying an aggregate equity valuation of at least $12.5 billion.”
The release alleges that JSH exercised the put option on May 8, 2025.
It states Vista Global paid $4.4 million of accrued interest on August 28, 2026.
It continues:
‘Vista or Thomas Flohr may purchase the Class 1 shares for $40,000,000 less accrued interest through the defined Outside Date, payable no later than 30 November 2026 if exercised, with 6% annual interest accruing from exercise to closing. If the Purchase Option is not exercised, JSH retains those shares. If it is exercised and paid, the Convertible Consideration will be canceled, and JSH will cease to be a Vista shareholder. The Manager states it determined this was the path most likely to maximize value for members, and has determined that JSH would be dissolved and wound up following the relevant payments.’
KZ Capital settled a previous lawsuit in 2024 against JetSmarter board members.
That lawsuit named JetSmarter, Inc., its founder Sergey Petrossov, and former board members Thomas J. Ridge and Christophe Navarre.
Details of the settlement were confidential.
According to Bloomberg, KZ Capital claimed the board “duped” it into handing control of JetSmarter to Clearlake Capital Group LP.
Clearlake recapitalized JetSmarter before the Vista Global acquisition.
The report notes, “A judge in 2022 threw out wider-ranging allegations that Petrossov scammed members, lied to the public, and steered the business into a wave of scandal.”
Romantsov says, “We need to understand who had the authority to make these decisions, how our interests were calculated, what happened to the securities we originally purchased, and whether the rights of the original investors were respected along the way.”
He adds, “We started supporting JetSmarter in 2014,” continuing, “Twelve years later, nobody should be making irreversible decisions about those economic rights without being able to show the investors exactly how they got from the securities we bought to the interests that exist today. We intend to get those answers.”
JetSmarter launched in 2012 with plans to democratize private jet travel.
It offered all-you-can-fly memberships starting at under $10,000.
It attained a billion-dollar valuation as a private company.
Before Vista Global’s 2019 acquisition, members sued it.
They alleged JetSmarter changed terms of their agreements and didn’t provide the services they purchased.
JetSmarter agreed to a $6 million settlement through class-action arbitration.
Vista quickly merged JetSmarter into its XO platform.
JSH and Maverick’s contact information was not available.
“Vista is not in a position to comment on proceedings concerning its minority shareholder that includes certain legacy JetSmarter investors,” a spokesperson for the private jet company told Private Jet Card Comparisons.
Romantsov declined to comment beyond the press release.
The plaintiffs are asking for an expedited hearing.
The release quotes Romantsov as saying, “The records are the beginning, not the end.”
DOWNLOAD: Delaware_Verified_Complaint_v._JSH_Holdings_Filed_2026-09-10
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