Opinion ID: 4176712
Heading Depth: 2
Heading Rank: 3

Heading: Unreasonable Results

Text: Plaintiffs also argue that the district court’s interpretation of the Stipulation leads to unreasonable results. Under Missouri law, “courts ‘reject an interpretation that involves unreasonable results when a probable or reasonable construction can be adopted.’” Stonebrook Estates, LLC v. Greene Cty., 275 S.W.3d 353, 355 (Mo. Ct. App. 2008) (quoting Blackburn v. Habitat Dev. Co., 57 S.W.3d 378, 386 (Mo. Ct. App. 2001)). Plaintiffs argue that the district court’s interpretation was unreasonable because it made Plaintiffs’ recovery dependent to some extent on the actions of individuals who had no legal relationship with Defendants: individuals who purchased Bonds from class members after the class period and thus would have had the ability to tender or not tender those Bonds. Had all class members sold their Bonds after the class period, and had no subsequent purchasers tendered their Bonds, the class 5 Plaintiffs also argue that Defendants should be estopped from interpreting the Stipulation as they have done based on statements made before the district court. Plaintiffs, however, did not present an estoppel argument to the district court, either in the Motion to Enforce or the subsequent Motion to Alter or Amend. Arguments not raised before the district court are waived on appeal. See St. Paul Fire & Marine Ins. Co. v. Compaq Comput. Corp., 539 F.3d 809, 824 (8th Cir. 2008). -15- members would have received nothing under the district court’s interpretation of the Stipulation. Plaintiffs’ hypothetical scenario is far removed from the facts of this case. Plaintiffs stated in the Stipulation that they expected to receive compensation for 86% of their losses. Instead, Plaintiffs received compensation for 80% of their losses. The district court did not err in refusing to abrogate the parties’ bargain because the Plaintiffs recovered slightly less than expected following a conditional tender process that the parties knew to be contingent, based only on the theoretical possibility of a wildly different outcome.