Opinion ID: 211884
Heading Depth: 2
Heading Rank: 5

Heading: Westfed's Cross-Appeal

Text: 50 Westfed contends that the trial court incorrectly held that it may recover for only amounts actually expended and challenges whether the indebtedness incurred from the issued securities, which now allegedly exceeds $800 million (excluding principal), is an amount that should be treated as a loss that has been actually sustained. Westfed observes that reliance damages are meant to put the nonbreaching party in as good a position as he would have been had the contract not been made (quoting Restatement (Second) of Contracts § 344(b) (1981)), and asserts it is by no means in as good a position as it would have been had no contract been made. For much the same reasons we expressed in rejecting the trial court's award of PIK costs, we must reject Westfed's attempt to claim the more than $800 million it allegedly owes on its financing obligations. Because the amount claimed is not an actual loss because Westfed has not paid anything out of its pocket, see Glendale, 378 F.3d at 1312, we agree that Westfed is not entitled to the amount it seeks in its cross-appeal.