Court Opinion

ID: 9495900
Source: CourtListenerOpinion
Date Created: 2023-08-05 16:13:05.106892+00
Date Added: 2024-06-11T17:57:15.605173
License: Public Domain

ILANA DIAMOND ROVNER, Circuit Judge,
concurring.
I concur in the judgment and join all of Judge Manion’s thorough opinion with the exception of part II.B.l regarding the actual loss calculation. In my view, the intended loss, as measured by the unsecured portion of the Continental Plaza refinancing, represents the most sound approximation of the injury caused by Lane’s fraud. The actual loss calculation poses a conundrum of logic if not legal theory in this case. Loyola, which nominally bore the loss by virtue of its obligation to reimburse ANB, contends that it did not in fact lose, but to the contrary made, money notwithstanding Lane’s fraud. Loyola would have been $1.35 million out of pocket had the fraudulently-induced refinancing never occurred, so until the refinancing arrangement collapsed in 1996, Loyola had the use of this money, earned substantial interest thereon, and by its own account ultimately came out ahead notwithstanding the fact that it had to pay off ANB in the amount of $1,736 million. But if Lane’s fraud did not (fortuitously) cause a real loss to Loyola, it nonetheless did pose an interim risk to ANB as the lender. The amount of this potential or “intended” loss ($1.02 million) is less than the figure that Judge Norgle used, but, as Judge Manion points out, the error did not affect the calculation of the sentencing range. Ante at 590 & n. 8. I would therefore affirm Lane’s sentence on the basis of the intended loss calculation and refrain from deciding whether there was an “actual” loss in this case.