UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G (Amendment No._____)* Under the Securities Exchange Act of 1934 JetBlue Airways Corporation -------------------------------------------------------------------------------- (Name of Issuer) Common Stock -------------------------------------------------------------------------------- (Title of Class of Securities) 477143101 ------------------------------ (CUSIP Number) February 7, 2003 -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [_] Rule 13d-1(b) [_] Rule 13d-1(c) [X] Rule 13d-1(d) *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 the disclosures provided in a prior cover page. The information required in 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). Page 1 of 8 pages CUSIP No.: 477143101 Page 2 of 8 Pages ------------------------------------------------------------------------------ NAMES OF REPORTING PERSONS. 1. SS or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Weston Presidio Capital III, L.P. 04-3433800 ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP 2. (a) [X] (b) [_] ------------------------------------------------------------------------------ SEC USE ONLY 3. ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 4. Delaware, United States of America ------------------------------------------------------------------------------ SOLE VOTING POWER 5. NUMBER OF 1,909,917 SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 6. OWNED BY 0 ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 7. REPORTING 1,909,917 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 8. 0 ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9. 1,909,917 ------------------------------------------------------------------------------ CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* 10. [-] ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11. 4.51% ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON 12. PN ------------------------------------------------------------------------------ Page 2 of 8 Pages CUSIP No.: 477143101 Page 3 of 8 Pages ------------------------------------------------------------------------------ NAMES OF REPORTING PERSONS. 1. SS or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS WPC Entrepreneur Fund, L.P. 04-3433798 ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP 2. (a) [X] (b) [_] ------------------------------------------------------------------------------ SEC USE ONLY 3. ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 4. Delaware, United States of America ------------------------------------------------------------------------------ SOLE VOTING POWER 5. NUMBER OF 94,948 SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 6. OWNED BY 0 ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 7. REPORTING 94,948 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 8. 0 ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9. 94,948 ------------------------------------------------------------------------------ CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* 10. [-] ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11. 0.22% ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON 12. PN ------------------------------------------------------------------------------ *SEE INSTRUCTION BEFORE FILLING OUT! Page 3 of 8 Pages CUSIP No.: 477143101 Page 4 of 8 Pages ------------------------------------------------------------------------------ NAMES OF REPORTING PERSONS. 1. SS or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Weston Presidio Capital II, L.P. ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP 2. (a) [X] (b) [_] ------------------------------------------------------------------------------ SEC USE ONLY 3. ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 4. Delaware, United States of America ------------------------------------------------------------------------------ SOLE VOTING POWER 5. NUMBER OF 668,287 SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 6. OWNED BY 0 ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 7. REPORTING 668,287 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 8. 0 ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9. 668,287 ------------------------------------------------------------------------------ CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* 10. [-] ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11. 1.58% ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON 12. PN ------------------------------------------------------------------------------ *SEE INSTRUCTION BEFORE FILLING OUT! Page 4 of 8 Pages Item 1. (a) Name of Issuer: JetBlue Airways Corporation (b) Address of Issuer's Principal Executive Offices: 118-29 Queens Blvd. Forest Hills, New York 11375 Item 2. (a) Name of Person Filing: Weston Presidio Service Company, LLC ("Weston Presidio") on behalf of Weston Presidio Capital III, L.P. ("Weston III") and WPC Entrepreneur Fund, L.P. ("Entrepreneur Fund") and Weston Presidio Capital II, L.P. (Weston II) (b) Address of Principal Business Office: c/o Weston Presidio Pier 1, Bay 2 San Francisco, CA 94111 (c) Citizenship/Place of Organization: Weston Presidio - DE Weston III - DE Entrepreneur Fund - DE Weston II - DE (d) Title of Class of Securities: Common Stock (e) CUSIP Number: 477143101 Item 3. Not applicable. Page 5 of 8 pages Item 4. Ownership. --------------------------------------------------------------------------------------------------------- Weston III Entrepreneur Fund Weston II --------------------------------------------------------------------------------------------------------- (a) Beneficial Ownership 1,909,917 94,948 668,287 --------------------------------------------------------------------------------------------------------- (b) Percentage of Class 4.51% 0.22% 1.58% --------------------------------------------------------------------------------------------------------- (c)(i) Sole Voting Power 1,909,917 94,948 668,287 --------------------------------------------------------------------------------------------------------- (ii) Shared Voting Power -0- -0- -0- --------------------------------------------------------------------------------------------------------- (iii) Sole Dispositive Power 1,909,917 94,948 668,287 --------------------------------------------------------------------------------------------------------- (iv) Shared Dispositive Power -0- -0- -0- --------------------------------------------------------------------------------------------------------- Item 5. Ownership of Five Percent or Less of a Class If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of class of securities, check the following: [_] Item 6. Ownership of More than Five Percent on Behalf of Another Person Not applicable. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. Not applicable. Item 8. Identification and Classification of Members of the Group No reporting person is a member of a group as defined in Section 240.13d- 1(b)(1)(ii)(H) of the Act. Item 9. Notice of Dissolution of Group Not applicable. EXHIBIT(S): A: Joint Filing Statement Page 6 of 8 pages Item 10. Certification After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 7, 2003 Weston Presidio Capital III, L.P. By: Weston Presidio Capital Management III, LLC its General Partner By: /s/ Michael Lazarus -------------------------------- Managing Member WPC Entrepreneur Fund, L.P. By: Weston Presidio Capital Management III, LLC its General Partner By: /s/ Michael Lazarus -------------------------------- Managing Member Weston Presidio Capital II, L.P. By: Weston Presidio Capital Management II, L.P. By: /s/ Michael Lazarus -------------------------------- Managing Partner Weston Presidio Service Company, LLC By: /s/ Michael Lazarus -------------------------------- Managing Member Page 7 of 8 pages Exhibit A We, the undersigned, hereby express our agreement that the attached Schedule 13G is filed on behalf of us. Date: February 7, 2003 Weston Presidio Capital III, L.P. By: Weston Presidio Capital Management III, LLC its General Partner By: /s/ Michael Lazarus -------------------------------- Managing Member WPC Entrepreneur Fund, L.P. By: Weston Presidio Capital Management III, LLC its General Partner By: /s/ Michael Lazarus ------------------------------ Managing Member Weston Presidio Capital II, L.P. By: Weston Presidio Capital Management II, L.P. its General Partner By: /s/ Michael Lazarus ------------------------------ Managing Partner Page 8 of 8 pages