Quoting directly from the manual:

Moderator= [All,]netaddress1[,netaddress2]... 

This keyword is not available in LISTSERV Lite. 
This keyword defines which editors of a moderated list receive postings for forwarding to the list. The default is the first editor as defined by the "Editor=" keyword. If multiple moderators are defined, the load is spread across them. 
Note that all editors may still post directly to the list, but only those editors defined by "Moderator=" will have messages from non-editors forwarded to them. 
Beginning with 1.8c, if the parameter "All" is coded before the list of moderator addresses, LISTSERV will send copies of all postings to all moderators, any of whom may approve the message. An example of this would be:

* Moderator= All,[log in to unmask],[log in to unmask]


>>> Josie O'Brien <[log in to unmask]> 06/23 12:52 PM >>>
My experience is that you can only have one moderator at a time.  I run a
Scottie List and another individual and I take turns moderating the List.

Take care,

Josie

At 01:29 PM 6/23/00 EDT, you wrote:
>  We have a large private, unmoderated list (v 1.8d) with a couple of "bad"
>subscribers.  We have set their subscriptions to "review", which should send
>their submissions to the two listowners for review before it is posted.  Of
>the 4 possible owner email addresses in the header, only one receives posts
>for review.  What are we missing?  We want all 4 addresses to receive these.
>
>