RV Holdings 4 v. Standard Fiber

Utah Supreme Court·Decided July 9, 2026·No. Case No. 20230882·Published

Opinion

This opinion is subject to revision before final publication in the Pacific Reporter

2026 UT 15

IN THE

SUPREME COURT OF THE STATE OF UTAH

RV HOLDINGS 4, LLC and RIDGEVIEW CAPITAL, LLC, Appellees, v. STANDARD FIBER INVESTORS, LLC and STANDARD FIBER, LLC, Appellants.

No. 20230882 Heard November 7, 2025 Filed July 9, 2026*

On Direct Appeal

Third District Court, Salt Lake County The Honorable Randall N. Skanchy No. 200900672

Attorneys: Jefferson W. Gross, Melinda Checketts, Salt Lake City Cameron M. Hancock, Dax Anderson, Justin W. Starr, Christopher A. Bates, Salt Lake City, Mortimer Hartwell, S. Fran., Cal., for appellants

CHIEF JUSTICE DURRANT authored the opinion of the Court, in which JUSTICE PETERSEN, ASSOCIATE CHIEF JUSTICE POHLMAN, JUSTICE NIELSEN, and JUDGE ELDRIDGE joined. Due to his retirement, JUSTICE PEARCE did not participate herein; DISTRICT COURT JUDGE JARED W. ELDRIDGE sat. JUSTICE HAGEN stepped down from the court before this case was decided. JUSTICE NIELSEN, having reviewed the briefs and listened __________________________________________________________ * As of January 31, 2026, “The Supreme Court consists of seven justices.” UTAH CODE § 78A-3-101(1). Pursuant to Utah Supreme Court Standing Order No. 18, this court sat and rendered judgment in this matter as a division of five justices. RV HOLDINGS 4 v. STANDARD FIBER Opinion of the Court

to a recording of the oral argument, substituted for JUSTICE HAGEN and participated fully in this decision.

CHIEF JUSTICE DURRANT, opinion of the Court: INTRODUCTION 1 ¶1 Standard Fiber, LLC (Standard Fiber) and Ridgeview2 entered into a business relationship that deteriorated when it became unclear what management fees were owed and to whom. The parties sought to resolve their differences through arbitration. But when that process produced unexpected results, Standard Fiber sought review of the arbitration award. ¶2 Standard Fiber asserts that the arbitrator (Arbitrator) based her award on a claim for breach of a 2014 management fee agreement (2014 Agreement) that Ridgeview never asserted in its arbitration demand. And under Utah law, an arbitrator’s authority is limited to the issues that parties submit for decision. ¶3 In reviewing the written arbitration demands, we conclude that Ridgeview did not raise a breach of the 2014 Agreement as a basis for an award. In fact, Ridgeview disavowed its existence. The Arbitrator therefore improperly granted an award on an unsubmitted claim. So we remand to the district court to modify the award and exclude any amount stemming from the 2014 Agreement.

__________________________________________________________ 1 This dispute involves multiple related business entities and

individuals who appear throughout the record both individually and under collective shorthand references. Since the parties’ briefs and arbitration proceedings frequently employ overlapping and inconsistent terminology, we will use shorthand names for clear identification and understanding of each claim, defense, and arbitration issue. Unless otherwise specified, the terms defined below are used solely for clarity and not to collapse legally distinct entities. 2 Standard Fiber conducted business with multiple entities who

are affiliated with the name “Ridgeview.” This includes Ridgeview Capital, LLC; Ridgeview Capital Management, LLC; and RV Holdings 4, LLC. “Ridgeview” will be used to refer to these various parties collectively.

2 Cite as: 2026 UT 15 Opinion of the Court

BACKGROUND ¶4 Standard Fiber is the operating company at the center of this dispute. It manufactures and sells bedding and other soft goods. In May and June 2006, Standard Fiber Investors, LLC (SFI) formed to invest in Standard Fiber. SFI then purchased a majority interest in Standard Fiber and later increased that interest to eighty- five percent. SFI’s members initially included investment group WR/SF Investment, LLC (WR/SF), managed by Glenn Boschetto, and a group of investors recruited by Greg Larson and Burton Stohl (collectively the “Ridgeview Investors”). WR/SF contributed a majority of the original investment capital, with Ridgeview Investors contributing the remaining funds. ¶5 In June 2006, Standard Fiber and Ridgeview Capital, LLC (RV Capital) executed a written Management Services Agreement (2006 MSA). This 2006 MSA had a two-year term but could be extended. RV Capital agreed to provide financial and accounting oversight and related consulting in exchange for a $250,000 annual base fee with a potential $250,000 incentive fee. These kinds of fees were referred to as “management fees.” ¶6 Standard Fiber paid management fees beginning in 2006 to RV Capital and to WindRiver.3 The Arbitrator found the 2006 MSA terminated no later than 2008. Payments to Ridgeview-related and WindRiver/Boschetto-related entities continued under informal arrangements and varied over time. The parties agree that management fee payments continued after 2008 but disagree on the governing terms. ¶7 Ridgeview Capital Management, LLC (RCM) is a related entity formed in approximately 2009. RV Capital at times assigned its right to receive management fees to RCM. ¶8 Beginning in 2013, the parties’ dealings included (1) discussions about fee amounts and (2) Standard Fiber transferring funds to a Larson-controlled bank account for profit and tax distributions to Ridgeview-recruited SFI investors. As to management fees, Standard Fiber maintains that the parties reached updated arrangements in 2011, 2013, and 2014, including the 2014 Agreement to pay RV Capital $25,000 per month ($300,000 annually). From 2014 until July 2020, Ridgeview invoiced, and __________________________________________________________ 3 WindRiver is an entity affiliated with Boschetto, the manager

of WR/SF.

3 RV HOLDINGS 4 v. STANDARD FIBER Opinion of the Court

Standard Fiber paid, $25,000 per month. Standard Fiber then stopped paying management fees in July 2020. ¶9 In January 2020, 4 RV Holdings 4, LLC (RV Holdings) 5 and RV Capital (later joined by RCM) sued Standard Fiber and alleged that after the 2006 MSA was signed, Boschetto and Larson agreed to divide management fees 50/50 between RV Capital and WindRiver. They sought unpaid management fees under this alleged oral agreement. Standard Fiber moved to compel arbitration through the parties’ operating agreement. The district court granted the motion and stayed the action so the parties could arbitrate. ¶10 In July 2020, Ridgeview filed its arbitration demand, which incorporated the complaint and asserted several claims. As relevant to management fees, Ridgeview expressly advanced (1) a claim that the 2006 MSA had not expired in 2008 and required payment of base and incentive fees and (2) a claim that Larson and Boschetto had an oral agreement to split management fees 50/50 (50/50 Agreement) between Ridgeview-related and Boschetto- related entities. Notably, Ridgeview did not separately include a claim that Standard Fiber breached a 2014 oral agreement to pay $25,000 per month. ¶11 In August 2020, Standard Fiber filed its own arbitration demand. In its demand, Standard Fiber denied that the 2006 MSA remained operative, denied the existence of the 50/50 Agreement, and asserted that the parties’ management-fee arrangements had changed over time, including in 2011, 2013, and 2014. ¶12 Both arbitration matters were filed with Judicial Arbitration and Mediation Services (JAMS). The two matters were consolidated and proceeded before a single arbitrator. The parties submitted pre-hearing and post-hearing briefs and participated in a three-day evidentiary hearing in August 2022. The parties also filed a joint statement of stipulated facts that included a schedule __________________________________________________________ 4 Though Ridgeview filed suit in January 2020, Standard Fiber

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