Early JetSmarter investors file Delaware court demand over $25.75 million stake amid Vista Global IPO rumors

A group of early JetSmarter investors — Septaria US, Septaria Ventures, Vorona Investments, Darius K Consulting, and KZ Capital General Trading — filed a verified complaint in the Delaware Court of Chancery on September 10, 2026, seeking inspection of books and records from JSH Partners, LLC. The group says its combined historical investment positions total at least $25.75 million in the former jet-sharing platform.

The plaintiffs link the filing to circulating rumors of an initial public offering by Vista Global, the Dubai-based parent of VistaJet and XO, which acquired JetSmarter in 2019. JSH Partners was formed at the time of that acquisition to hold Vista-related consideration for former JetSmarter equity holders, with Blue Maverick Holdings, LP, identified as JSH's manager. Investor representative Dmitry Romantsov detailed the individual positions: Septaria US invested $1.65 million in JetSmarter's 2014 Round A, Septaria Ventures put in $2 million in Round B, Vorona Investments contributed $5 million, Darius K Consulting added $2.1 million, and KZ Capital invested $15 million, independently reflected in the Delaware Court of Chancery record.

JSH Partners currently holds 1,280,320 ordinary Vista shares valued at $40 million as Class 1 Stock Consideration, plus 4,782,479 ordinary Vista shares as Class 2 Stock Consideration subject to a Put Option exercisable at $239,064,206, and 1,000,250 convertible Vista shares that convert on a liquidity event implying an aggregate equity valuation of at least $12.5 billion. JSH exercised the put option on May 8, 2025, and Vista Global paid $4.4 million in accrued interest on August 28, 2026. Vista Global or chairman Thomas Flohr may purchase the Class 1 shares for $40 million less accrued interest by November 30, 2026, with 6% annual interest accruing; if unexercised, JSH retains the shares, and if exercised and paid, the convertible consideration would be canceled and JSH dissolved.

The plaintiffs made their initial books-and-records demand on July 10, 2026, and are now seeking an expedited hearing, saying they cannot document how their original securities were converted into the JSH Partners and Vista Global interests now being monetized, allocated, or potentially canceled. KZ Capital had previously settled a 2024 lawsuit against JetSmarter's board, including founder Sergey Petrossov and former board members Thomas J. Ridge and Christophe Navarre, under confidential terms, after a Delaware judge in 2022 dismissed broader allegations that Petrossov had scammed members and misled the public. JetSmarter launched in 2012, reached a billion-dollar valuation, and was acquired by Vista Global in 2019 before being merged into the XO brand; it had earlier agreed to a $6 million class-action arbitration settlement over claims it altered membership terms and failed to deliver contracted services. A Vista Global spokesperson said the company is "not in a position to comment on proceedings concerning its minority shareholder that includes certain legacy JetSmarter investors."