Vermont Aerospace Industries, LLC v. Schwoeri (Appendix)

CourtConnecticut Appellate Court
DecidedOctober 7, 2025
DocketAC48111
StatusPublished

This text of Vermont Aerospace Industries, LLC v. Schwoeri (Appendix) (Vermont Aerospace Industries, LLC v. Schwoeri (Appendix)) is published on Counsel Stack Legal Research, covering Connecticut Appellate Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Vermont Aerospace Industries, LLC v. Schwoeri (Appendix), (Colo. Ct. App. 2025).

Opinion

************************************************ The “officially released” date that appears near the beginning of an opinion is the date the opinion will be published in the Connecticut Law Journal or the date it is released as a slip opinion. The operative date for the beginning of all time periods for the filing of postopin- ion motions and petitions for certification is the “offi- cially released” date appearing in the opinion. All opinions are subject to modification and technical correction prior to official publication in the Connecti- cut Law Journal and subsequently in the Connecticut Reports or Connecticut Appellate Reports. In the event of discrepancies between the advance release version of an opinion and the version appearing in the Connecti- cut Law Journal and subsequently in the Connecticut Reports or Connecticut Appellate Reports, the latest version is to be considered authoritative. The syllabus and procedural history accompanying an opinion that appear in the Connecticut Law Jour- nal and subsequently in the Connecticut Reports or Connecticut Appellate Reports are copyrighted by the Secretary of the State, State of Connecticut, and may not be reproduced or distributed without the express written permission of the Commission on Official Legal Publications, Judicial Branch, State of Connecticut. ************************************************ Page 0 CONNECTICUT LAW JOURNAL 0, 0

2 ,0 0 Conn. App. 1 Vermont Aerospace Industries, LLC v. Schwoeri

APPENDIX VERMONT AEROSPACE INDUSTRIES, LLC v. LAWRENCE W. SCHWOERI* Superior Court, Judicial District of Bridgeport File No. CV-XX-XXXXXXX-S

Memorandum filed September 26, 2024

Proceedings

Memorandum of decision on plaintiff’s application to vacate, correct and/or modify arbitration award and on defendant’s motion for order confirming arbitration award. Application to vacate, correct and/or modify arbitration award denied; motion for order confirm- ing arbitration award granted.

Jay Levin, with whom was James Philopena, for the plaintiff. John Cesaroni, for the defendant.

Opinion

HON. BARRY K. STEVENS, judge trial referee. STATEMENT OF THE CASE This present action was instituted on February [23], 2024, by the plaintiff, Vermont Aerospace Industries, LLC (VAI), against the defendant, Lawrence W. Schwoeri (Schwoeri), seeking to vacate, correct or modify an arbitration award. On March 7, 2024, in response to the application, Schwoeri filed a motion for an order confirming the award. On April 5, 2024, VAI filed a memorandum in support of its application to vacate, correct, or modify the arbitration award. On * Affirmed. Vermont Aerospace Industries, LLC v. Schwoeri, 235 Conn. App. 576 , A.3d (2025). 0, 0 CONNECTICUT LAW JOURNAL Page 1

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May 3, 2024, Schwoeri filed a memorandum in opposi- tion to VAI’s application. The court heard oral argument on the matter on June 4, 2024. The filings of the parties provide the following rele- vant information. VAI is a limited liability company organized and existing under the laws of the state of Wyoming. Schwoeri resides in Florida and formerly served as the chief executive officer (CEO) of VAI. On June 1[5], 2016, Schwoeri signed an Executive Term Sheet (term sheet) as the CEO of VAI, which summa- rized the terms of his employment. Section 3.2 of the operating agreement between the parties provides that Schwoeri may sell or put his interest in the company (the put right) or, alternatively, that VAI may purchase Schwoeri’s interest in the company in certain circum- stances. On or about June 14, 2021, Schwoeri attempted to exercise his put option for VAI. However, Leonard M. Levie, the chairman of VAI, refused to honor the put right. In February, 2022, Levie terminated Schwoeri’s employment. On January 30, 2023, Schwoeri commenced arbitra- tion with the American Arbitration Association (AAA), entitled Lawrence W. Schwoeri v. Vermont Aerospace Industries, LLC and Leonard M. Levie, Docket No. 01- 23-0000-3897. Schwoeri asserted four claims against VAI and Levie: (1) breach of contract: refusal to pay put option; (2) breach of contract: failure to pay taxes; (3) breach of fiduciary duties (asserted against Levie); and (4) unjust enrichment. On April 25, 2023, VAI filed [its] answer and asserted three counterclaims against Schwoeri: (1) breach of fiduciary duties; (2) construc- tive fraud; and (3) corporate waste. Abigail Pessen was designated as the arbitrator. The arbitrator received extensive witness testimony, including expert witness testimony, and over 200 exhibits into evidence. There- after, both parties submitted postarbitration briefs. The AAA hearing was declared closed as of December 8, Page 2 CONNECTICUT LAW JOURNAL 0, 0

4 ,0 0 Conn. App. 1 Vermont Aerospace Industries, LLC v. Schwoeri

2023, but the parties mutually agreed to January 12, 2024, as the deadline for the issuance of a final award. On January 9, 2024, the arbitrator issued the final award. In the final award, the arbitrator found that Schwoeri was entitled to the sum of $2,829,794, the credible valua- tion of the put right. The arbitrator further found that Schwoeri did not commit any fraud, misconduct, or violate the term sheet based on a breach of his fiduciary duties, explaining that the operating agreement did not impose a fiduciary duty on LLC managers. Because the operating agreement did not include a clause indicating that a breach of fiduciary duty was a ground to disallow executing the put right, breaching his fiduciary duty was not a valid ground to bar Schwoeri from executing his put option. Next, the arbitrator found that Schwoeri was entitled to the income tax distributions for the years of 2021 and 2022 and that VAI would pay his tax distribution for 2023 if they did not remove him as a shareholder per the language of the operating agree- ment. Finally, the arbitrator dismissed Schwoeri’s third claim of breach of fiduciary duties against Levie and fourth claim of unjust enrichment. Regarding VAI’s counterclaims, the arbitrator found that, as to Schwoeri’s breach of fiduciary duty, that Schwoeri was not candid or transparent in his dealings with the company and his manager for all post-June 5, 2020 monetary transfers. The arbitrator specified that Schwoeri was insubordinate and breached the fiduciary duty owed to VAI as the manager of the LLC and as VAI’s employee. As a result of this conduct, the arbitrator awarded to VAI as a setoff the amount of $297,916.66. DISCUSSION I ’’The standard of review for arbitration disputes is well settled. Judicial review of arbitral decisions is nar- rowly confined. . . . When the parties agree to arbitra- 0, 0 CONNECTICUT LAW JOURNAL Page 3

0 Conn. App. 1 ,0 5 Vermont Aerospace Industries, LLC v. Schwoeri

tion and establish the authority of the arbitrator through the terms of their submission, the extent of our judicial review of the award is delineated by the scope of the parties’ agreement. . . . Because we favor arbitration as a means of settling private disputes, we undertake judicial review of arbitration awards in a manner designed to minimize interference with an efficient and economical system of alternative dispute resolution.’’ (Internal quotation marks omitted.) Girolametti v. Rizzo Corp., 152 Conn. App. 60, 63–64, 97 A.3d 55 (2014); see also Zelvin v. JEM Builders, Inc., 106 Conn. App. 401, 406, 942 A.2d 455 (2008).

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Vermont Aerospace Industries, LLC v. Schwoeri (Appendix), Counsel Stack Legal Research, https://law.counselstack.com/opinion/vermont-aerospace-industries-llc-v-schwoeri-appendix-connappct-2025.