Quite honestly this:

   ----- The following addresses have delivery notifications -----
|/usr/local/bin/lsv_amin /home/spool/listserv owner-listserv"
(unrecoverable error)
    (expanded from: owner-listserv)

would indicate that you have an error in your /etc/aliases file under
the 'owner-listserv' alias.  Looks like an unmatched double-quote to
me, which is exactly what sendmail is telling you:

  --- The transcript of the session follows ---
653 |/usr/local/bin/lsv_amin /home/spool/listserv owner-listserv"... There
is a
missing '"' character
sh: /usr/local/bin/lsv_amin/home/spool/listserv.owner-listserv:  not found
554 |/usr/local/bin/lsv_amin /home/spool/listserv owner-listserv"...
Unknown mailer error 126

The alias <should> look like this in /etc/aliases:

owner-listserv: "|/usr/local/bin/lsv_amin /home/spool/listserv owner-listserv"

so it would appear that you have omitted the leading double-quote.  I don't
know if this is what is causing LISTSERV to choke but it certainly indicates
an error that needs to be attended to before the owner-listserv address will
work.

Nathan