Court Opinion

ID: 9942668
Source: CourtListenerOpinion
Date Created: 2024-02-21 18:01:38.791242+00
Date Added: 2024-06-11T13:48:23.545306
License: Public Domain

Appellate Case: 22-4085     Document: 010111003391   Date Filed: 02/21/2024   Page: 1
                                                                FILED
                                                    United States Court of Appeals
                     UNITED STATES COURT OF APPEALS         Tenth Circuit

                           FOR THE TENTH CIRCUIT                      February 21, 2024
                       _________________________________
                                                                     Christopher M. Wolpert
                                                                         Clerk of Court
  ASPHALT TRADER LIMITED,

           Plaintiff - Appellant,

  v.                                                     No. 22-4085
                                               (D.C. No. 1:17-CV-00015-HCN)
  ROBERT SCOTT BEALL; TARYN                               (D. Utah)
  CAPITAL ENERGY, L.L.C.,

           Defendants - Appellees.
                      _________________________________

                           ORDER AND JUDGMENT *
                       _________________________________

 Before BACHARACH, PHILLIPS, and EID, Circuit Judges.
               _________________________________

       After an international petroleum-shipping deal fell apart, the aggrieved

 ship owner, Asphalt Trader Limited, recovered a large arbitration award against

 the ship charterer, Taryn Capital Energy, L.L.C. To collect on its award,

 Asphalt sued Taryn Capital and its sole member, Robert Scott Beall, in federal

 district court in Utah, asserting that Beall had siphoned Taryn Capital’s assets

 and fraudulently kept Asphalt from a recovery. In that suit, Asphalt also sought

 to pierce the LLC veil between Taryn Capital and Beall and hold Beall

       *
         This order and judgment is not binding precedent, except under the
 doctrines of law of the case, res judicata, and collateral estoppel. It may be
 cited, however, for its persuasive value consistent with Fed. R. App. P. 32.1
 and 10th Cir. R. 32.1.
Appellate Case: 22-4085   Document: 010111003391     Date Filed: 02/21/2024   Page: 2

 personally liable for the judgment. The district court granted summary

 judgment against Asphalt on its alter-ego claim. After a bench trial on the sole

 remaining claim for fraudulent transfers, the court entered judgment for Taryn

 Capital and Beall.

       Asphalt appeals the court’s alter-ego ruling, raising for the first time

 legal arguments about equity and the election of remedies. But because Asphalt

 does not overcome the district court’s reasoning, we affirm.

                                 BACKGROUND

 I.    Factual Background

       In 2012, Taryn Capital contracted to charter Asphalt’s tanker ship, the

 Asphalt Trader, to load 69,000 barrels of fuel oil in Venezuela and transport

 that oil to Panama. Taryn Capital separately contracted with another company,

 Cinque Terre Financial Group, Ltd., to carry out Taryn Capital’s contractual

 obligations in Venezuela—to be a sub-charterer. Under this arrangement, Taryn

 Capital would be the middleman between Asphalt and Cinque Terre; Cinque

 Terre would pay Taryn Capital $849,000, and Taryn Capital would pay Asphalt

 $725,000. This approach was consistent with Asphalt’s and Taryn Capital’s

 previous dealings, with Taryn Capital having served as a middleman nine times.

       But when the Asphalt Trader docked in Venezuela, the Venezuelan

 government disallowed Cinque Terre from loading the ship. Faced with no

 other option, the Asphalt Trader left Venezuela without the oil, causing

                                         2
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 cascading contract breaches; neither Cinque Terre nor Taryn Capital paid on

 their contracts.

       In the international arbitration proceeding that Asphalt brought in

 London, England, the arbitrators awarded Asphalt about $2 million against

 Taryn Capital. And the arbitrators awarded Taryn Capital a like amount against

 Cinque Terre. 1 Asphalt then petitioned to domesticate its arbitration award in

 Utah, Taryn Capital’s home state. Taryn Capital never responded to the

 petition, and in late 2016 the federal district court confirmed the award and

 entered judgment against Taryn Capital. Asphalt Trader Ltd. v. Taryn Cap.

 Energy, L.L.C., No. 1:16-CV-00054, 2016 WL 5400389 (D. Utah Sept. 27,

 2016); Asphalt Trader Ltd. v. Taryn Cap. Energy, L.L.C., No. 1:16-CV-00054,

 2016 WL 7017261 (D. Utah Dec. 1, 2016). With a federal judgment in hand,

 Asphalt prepared to collect.

       Beall formed Taryn Capital under Utah law in 2006 with a $1,000 capital

 contribution. As the sole member, Beall managed Taryn Capital’s affairs, which

 included marketing petroleum products. 2 Taryn Capital’s operating agreement

 allowed Beall to advance funds to the LLC; those funds would be treated as

       1
        Despite Taryn Capital reducing its arbitration award to judgment,
 Cinque Terre later filed for Chapter 15 bankruptcy, so Taryn Capital ultimately
 couldn’t collect on its offsetting judgment.
       2
         Members of an LLC have limited liability as if they were shareholders,
 Utah Code Ann. § 48-3a-304(1) (2023), are treated as partners of a partnership
 for tax purposes, id. §§ 59-10-1402(11)(a), 59-10-1403(1), and are tasked with
 the “management and conduct” of the LLC, id. § 48-3a-407(2)(a).
                                         3
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 personal loans by default. From the start, Beall regularly deposited his separate

 income into two Taryn Capital bank accounts and paid his personal expenses

 from those accounts. After the 2012 Asphalt Trader debacle in Venezuela,

 Taryn Capital conducted no more business. From 2012 to 2016, Taryn Capital’s

 accounts steadily diminished from $778,000 and $11,000 balances to almost

 zero.

 II.     Procedural Background

         In January 2017, after realizing that Taryn Capital could not satisfy the

 judgment, Asphalt sued Beall and Taryn Capital. Asphalt asserted (1) an alter-

 ego claim to pierce the LLC veil between Beall and Taryn Capital; (2) a claim

 that Taryn Capital had made improper LLC distributions to Beall; (3) a claim

 under the Utah Uniform Fraudulent Transfer Act (UFTA), Utah Code Ann.

 §§ 25-6-1 to 25-6-14 (2016), to avoid fraudulent transfers from Taryn Capital

 to Beall; and (4) a request to freeze Beall’s assets during the litigation. 3

         The district court granted partial judgment on the pleadings for Beall on

 Asphalt’s improper-distribution claim. Asphalt Trader Ltd. v. Beall, No. 1:17-

 CV-00015, 2018 WL 11450168, at *5 (D. Utah July 30, 2018). Later, the court

 construed the asset-freeze claim not as a standalone claim but as a requested

         3
          Utah amended its fraudulent-transfer statutes in 2017, but those
 amendments do not apply retroactively to transfers occurring before May 9,
 2017. See Utah Code Ann. § 25-6-406. Like the district court, we apply the pre-
 2017 version of the statute. All subsequent citations to title 25 are to the 2016
 statute.
                                           4
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 remedy belonging in Asphalt’s prayer for relief. Thus, the alter-ego and

 fraudulent-transfer claims remained.

       The parties moved and cross-moved for summary judgment on both

 claims. Beall and Taryn Capital argued that they were entitled to summary

 judgment on the alter-ego claim because Asphalt had failed to plead and to

 show that it lacked an adequate remedy at law—an essential element of the

 claim. Beall and Taryn Capital claimed that “there are no facts pled in

 Asphalt’s Complaint which demonstrate that it lacks an adequate remedy at

 law.” App. vol. 3, at 675. They also argued that Asphalt’s complaint showed it

 had a legal remedy, the fraudulent-transfer claim.

        In response, Asphalt did not contest that Utah law imposes a pleading

 requirement. Nor did Asphalt identify any facts in the record showing where it

 had argued that it lacked a legal remedy. Asphalt also did not request to amend

 its complaint to include this element. Instead of challenging Beall and Taryn

 Capital’s argument, Asphalt asserted that alter-ego and fraudulent-transfer

 claims are not mutually exclusive.

       The district court issued a lengthy oral ruling denying Asphalt’s motion

 and partially granting Beall’s and Taryn Capital’s motion. Beginning with the

 fraudulent-transfer claim, the court discussed the two UFTA provisions at play:

 the insider-transfer provision and the actual-fraud provision. Utah Code Ann.

 §§ 25-6-6(2), 25-6-5(1)(a). Analyzing each provision separately, the court

 granted summary judgment for Beall on Asphalt’s insider-transfer theory and

                                        5
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 denied summary judgment on Asphalt’s actual-fraud theory. For the insider-

 transfer theory, the court held that Asphalt’s claims were untimely and that the

 transfers were made in the “ordinary course of business”—a defense to an

 insider-transfer claim. Id. § 25-6-9(6)(b). For the actual-fraud theory, the court

 discussed the eleven badges of fraud from § 25-6-5(2) and held that a

 reasonable factfinder could find for either party.

       The district court then turned to Asphalt’s alter-ego claim—the claim

 now before us. Relying mainly on M.J. v. Wisan, 371 P.3d 21 (Utah 2016), the

 court granted summary judgment for Beall and Taryn Capital, reasoning that an

 equitable veil-piercing remedy was unavailable because Asphalt had “failed to

 establish that it lacks access to an adequate remedy of law.” App. vol. 6, at

 1301–02. The court cited Granfinanciera, S.A. v. Nordberg, 492 U.S. 33

 (1989), in stating that Asphalt’s UFTA claim “appear[s] to be legal in

 character.” App. vol. 6, at 1302. The court noted that two of Asphalt’s cited

 cases (1) were Utah Court of Appeals cases and not Utah Supreme Court cases,

 (2) predated M.J., (3) did not address a plaintiff’s duty to show the lack of an

 adequate remedy at law, and (4) did not implicitly hold that alter-ego claims

 could coexist with claims affording adequate remedies at law. All told, the

 court concluded that because Asphalt hadn’t shown how its UFTA claims were

 legally inadequate, the court didn’t need to pierce the LLC veil “to avoid an

 injustice in this case.” Id. at 1304. One effect of that ruling was that the court

                                          6
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 would avoid “decid[ing] the difficult question” of whether Utah would even

 recognize a veil-piercing claim against an LLC. Id.

       With Asphalt’s complaint winnowed to a single UFTA actual-fraud

 claim, the case proceeded to a bench trial. In its findings of fact and

 conclusions of law, the district court weighed the UFTA badges of fraud and

 concluded that Asphalt had failed to “prove by clear and convincing evidence

 that Defendants acted with actual intent to hinder, delay, or defraud.” Asphalt

 Trader Ltd. v. Beall, No. 1:17-CV-00015, 2022 WL 3138215, at *16 (D. Utah

 Aug. 5, 2022). The court entered judgment for Beall and Taryn Capital by

 separate order, and Asphalt timely appealed. We have jurisdiction under 28

 U.S.C. § 1291.

                            STANDARD OF REVIEW

       We review summary-judgment grants de novo and apply the same

 standard that applied in the district court. Banner Bank v. First Am. Title Ins.

 Co., 916 F.3d 1323, 1326 (10th Cir. 2019) (citation omitted). Summary

 judgment is required “if the movant shows that there is no genuine dispute as to

 any material fact and the movant is entitled to judgment as a matter of law.”

 Fed. R. Civ. P. 56(a). Facts are material if they “might affect the outcome of

 the suit under the governing law.” Anderson v. Liberty Lobby, Inc., 477 U.S.

 242, 248 (1986). And disputes about material facts are genuine if “the evidence

 is such that a reasonable jury could return a verdict for the nonmoving party.”

 Id. If the movant satisfies its initial Rule 56 burden, the burden then shifts to

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 the nonmovant to identify “specific facts showing that there is a genuine issue

 for trial.” Celotex Corp. v. Catrett, 477 U.S. 317, 324 (1986) (cleaned up).

       This case involves a grant of partial summary judgment with a later

 bench trial. Only the summary-judgment ruling is before us. When reviewing

 partial summary-judgment grants—which are not immediately appealable, Fed.

 R. Civ. P. 54(b)—we consider only the “summary judgment record before the

 district court when the motion was decided,” Brown v. Perez, 835 F.3d 1223,

 1233 (10th Cir. 2016) (quoting W. Coast Life Ins. Co. v. Hoar, 558 F.3d 1151,

 1157 (10th Cir. 2009)). We do not examine “the evidence offered subsequently

 at the trial []or the verdict.” United States v. Hardage, 982 F.2d 1436, 1444

 (10th Cir. 1992) (citation omitted). 4 Relatedly, this rule also bars the

 nonmovant from using trial evidence to retroactively create genuine issues of

       4
          Beall and Taryn Capital posit that the district court’s trial findings can
 cure any errors in the summary-judgment decision. But they have offered no
 authority to support this view. At trial, the parties rightly believed that the
 alter-ego claim was off the table, so Asphalt had no incentive to offer evidence
 that could support that claim. Affirming based on the trial findings could,
 among other things, violate due process. As Asphalt notes, we have used trial
 evidence to affirm a summary-judgment grant in only unique circumstances—
 when claims have completely overlapped facts. See Sanpete Water Conservancy
 Dist. v. Carbon Water Conservancy Dist., 226 F.3d 1170, 1177 (10th Cir. 2000)
 (“We cannot imagine a piece of evidence necessary for Sanpete to prove its
 breach of contract case that was not ultimately presented at trial.”).

                                          8
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 material fact. Id. But we always draw all reasonable inferences from the record

 in the nonmovant’s favor. Banner Bank, 916 F.3d at 1326. 5

                                   DISCUSSION

       This appeal presents a single issue: whether the district court erred in

 granting summary judgment on Asphalt’s alter-ego claim. Utah employs a two-

 part test for alter-ego claims:

       (1) there must be such unity of interest and ownership that the
       separate personalities of the corporation and the individual no longer
       exist, viz., the corporation is, in fact, the alter ego of one or a few
       individuals; and (2) the observance of the corporate form would
       sanction a fraud, promote injustice, or an inequitable result would
       follow.

 Norman v. Murray First Thrift & Loan Co., 596 P.2d 1028, 1030 (Utah 1979)

 (citations omitted). 6 The first part is the “formalities requirement,” and the

       5
        Asphalt had cross-moved for summary judgment on the same issue for
 which it seeks review here, but because the district court not only denied
 Asphalt’s motion, but also granted Beall’s and Taryn Capital’s motion, we
 make inferences in Asphalt’s favor. See Allen v. Sybase, Inc., 468 F.3d 642, 649
 (10th Cir. 2006). Asphalt has not appealed the denial of its own motion, which
 would have required us to analyze the motions separately. Tabura v. Kellogg
 USA, 880 F.3d 544, 549 (10th Cir. 2018).

       6
         Utah has not yet decided whether a claimant can pierce an LLC veil
 with an alter-ego claim. See Utah Code Ann. § 48-3a-304(2) (2023) (“The
 failure of a limited liability company to observe formalities . . . is not a ground
 for imposing liability on a member or manager . . . .”). We assume without
 deciding that Utah recognizes alter-ego claims against LLCs. See Amparan v.
 Lake Powell Car Rental Cos., 882 F.3d 943, 948 (10th Cir. 2018) (“[W]e are
 generally reticent to expand state law without clear guidance from the state’s
 highest court for it is not a federal court’s place to expand state law . . . .”
 (cleaned up)). Thus, we draw from Utah’s law on alter-ego claims to pierce the
 corporate veil.

                                          9
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  second part is the “fairness requirement.” Jones & Trevor Mktg., Inc. v. Lowry,

  284 P.3d 630, 635 (Utah 2012) (cleaned up).

        Under the formalities requirement, courts analyze seven nonexclusive

  factors:

        (1) undercapitalization of a one-man corporation; (2) failure to
        observe corporate formalities; (3) nonpayment of dividends;
        (4) siphoning of corporate funds by the dominant stockholder;
        (5) nonfunctioning of other officers or directors; (6) absence of
        corporate records; [and] (7) the use of the corporation as a facade
        for operations of the dominant stockholder or stockholders.

  Colman v. Colman, 743 P.2d 782, 786 (Utah Ct. App. 1987) (cleaned up); see

  also Jones & Trevor Mktg., 284 P.3d at 636 (“We adopt the Colman factors as

  useful considerations to aid courts in determining whether to pierce the

  corporate veil.”). 7

        The fairness requirement, in turn, considers “the availability of an

  adequate remedy at law to prevent irreparable harm to the plaintiff . . . and the

  potential for adverse impacts on third parties.” M.J., 371 P.3d at 35 (cleaned

  up). Because an alter-ego claim is equitable, a plaintiff “must establish . . . that

  [veil] piercing is necessary to avoid an injustice (or in other words that the

  [plaintiff] lacks an adequate remedy at law).” Id. at 36. Lacking an adequate

  remedy at law is necessary because Utah “counsels ‘great caution’ before

        7
          In Jones & Trevor Marketing, the Utah Supreme Court rendered
  superfluous an eighth Colman factor—whether the corporate form was used to
  promote injustice or fraud—because it was “essentially identical” to Norman’s
  fairness requirement. 284 P.3d at 637.
                                           10
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  allowing a claimant to pierce the corporate veil.” Id. at 35 (citation omitted).

  To state an equitable claim, Utah requires plaintiffs to “affirmatively show a

  lack of an adequate remedy at law on the face of the pleading.” Thorpe v.

  Washington City, 243 P.3d 500, 507 (Utah Ct. App. 2010) (citing Ockey v.

  Lehmer, 189 P.3d 51, 61 n.42 (Utah 2008)). So Asphalt needed to plead and

  prove the inadequacy of legal remedies to prevail on the alter-ego claim.

  Absent that, the alter-ego claim fails.

  I.    The District Court’s Ruling

        We must first nail down the district court’s basis for granting summary

  judgment against Asphalt on its alter-ego claim. The court cited M.J., which

  held that to maintain an alter-ego claim, the plaintiff must establish that it lacks

  an adequate remedy at law. According to the court, Asphalt “failed to establish

  that it lacks access to an adequate remedy of law.” App. vol. 6, at 1302. Indeed,

  Asphalt never “even argue[d], let alone establish[ed]” that its UFTA claim

  didn’t provide it with such a remedy. Id. So Asphalt failed to plead and support

  an element of its alter-ego claim. Along the way, the district court noted that

  the UFTA claim “appear[s] to be legal in character.” Id. But the court never

  held that fraudulent-transfer claims are legal. Nor did it hold that the UFTA

  claim in fact gave Asphalt an adequate remedy at law.

        Yet on appeal, Asphalt does not challenge this ruling—which was about

  its failure to establish an element of the alter-ego claim. Instead, Asphalt

  frames its appeal as being about whether the fraudulent-transfer claim is legal

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  or equitable; whether the fraudulent-transfer claim, if legal, gave Asphalt an

  adequate remedy at law; and whether Utah’s election-of-remedies doctrine

  should have precluded the district court from deciding the legal/equitable

  question before trial. 8 But the district court never resolved any of those issues.

  Asphalt could be correct on all these points, but that would not overcome

  Asphalt’s failure to argue below that it lacked an adequate remedy at law.

  Those words are missing from its complaint and its summary-judgment

  briefing. 9 Asphalt never presented its appellate arguments to the district court.

        Generally, arguments first made on appeal are forfeited and reviewable

  for only plain error. Tesone v. Empire Mktg. Strategies, 942 F.3d 979, 991

  (10th Cir. 2019). But “[t]his forfeiture rule does not apply when the district

  court explicitly considers and resolves an issue of law on the merits.” Id. Under

  this exception, we apply the normal standard of review for issues that were

  passed upon by the district court—even issues that the appellant failed to raise.

        8
           Asphalt argues that the district court “explicitly or implicitly held” that
  (1) Asphalt’s fraudulent-transfer claim is legal, not equitable; (2) the claim
  provided an adequate remedy; and (3) Asphalt had to choose between its
  fraudulent-transfer and alter-ego claims. Op. Br. at 20. Asphalt enlarges the
  district court’s ruling. The district court granted summary judgment because
  Asphalt failed to plead and support an essential element of the alter-ego claim.
        9
         In its reply brief, Asphalt argues that it did plead that it lacked a legal
  remedy. Asphalt cites its complaint allegations (1) that Asphalt had a valid
  judgment against Taryn Capital, and (2) that Taryn could not satisfy the
  judgment. These allegations do not show that Asphalt lacks a legal remedy.
  And even if Asphalt had done so, it would still have needed to support that
  element with facts in the record at summary judgment.
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  Id. at 991–92. We recognize that the issue of legal versus equitable claims was

  not the focal point of the parties’ briefs below. As Asphalt points out, this issue

  occupied a mere two pages of summary-judgment briefing. Instead, the parties

  addressed whether Utah even recognizes alter-ego claims against LLCs and

  how the district court should weigh the alter-ego factors.

        But the district court granted partial summary judgment on the ground

  that Asphalt had failed to argue for and support an element of its alter-ego

  claim—namely, that it lacked an adequate remedy at law. App. vol. 6, at 1320.

  Though the district court observed in passing that the UFTA claim “appear[s] to

  be legal in character,” the district court did not need to rule on that ground;

  instead, it could grant summary judgment for Asphalt’s failure to argue that it

  lacked an adequate remedy at law. Id. If Asphalt’s UFTA claim were equitable,

  and provided no adequate remedy at law, then Asphalt needed to plead and

  argue that before the district court. But Asphalt now attacks the court’s ruling

  on grounds that Asphalt never raised, that the court never addressed, and that

  wouldn’t require reversal even if we found them persuasive.

        “The first task of an appellant is to explain to us why the district court’s

  decision was wrong.” Nixon v. City & Cnty. of Denver, 784 F.3d 1364, 1366

  (10th Cir. 2015). “It is the significant but limited job of our appellate system to

  correct errors made by the district court in assessing the legal theories

  presented to it, not to serve as ‘a second-shot forum . . . where secondary, back-

  up theories may be mounted for the first time.’” Richison v. Ernest Grp., Inc.,

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  634 F.3d 1123, 1130 (10th Cir. 2011) (quoting Tele-Communications, Inc. v.

  C.I.R., 104 F.3d 1229, 1233 (10th Cir. 1997)). And by failing “to explain what

  was wrong with the reasoning that the district court relied on in reaching its

  decision,” an appellant forces us to affirm. Nixon, 784 F.3d at 1366. Attacking

  positions “not adopted by the district court” will get the appellant nowhere “if

  the reasons that were given by the district court go unchallenged.” Id. On

  appeal, Asphalt asserts three legal arguments without addressing the district

  court’s actual reasoning. 10 So we affirm.

  II.   Asphalt’s fraudulent-transfer claim is legal.

        Asphalt first argues that the district court erred by commenting that

  Asphalt’s UFTA claim “appear[s] to be legal in character.” App. vol. 6, at

  1320. Giving Asphalt the benefit of the doubt, we address this argument

  assuming that the court passed on this issue. If the UFTA claim is in fact

  equitable, Asphalt says, the claim couldn’t provide an adequate remedy at law.

  This issue is trickier than it may appear because although “a claim for

  damages” is “a quintessential legal remedy,” SCA Hygiene Prods. Aktiebolag v.

        10
           For the first time in its reply brief, Asphalt argues that these pleading
  requirements don’t apply in federal court. “Under the Erie doctrine, federal
  courts sitting in diversity apply state substantive law and federal procedural
  law.” Gasperini v. Ctr. for Humans., Inc., 518 U.S. 415, 427 (1996). But “when
  state law creates a cause of action, it also defines the scope of that cause of
  action.” Racher v. Westlake Nursing Home Ltd. P’ship, 871 F.3d 1152, 1164
  (10th Cir. 2017) (citing Ragan v. Merchs. Transfer & Warehouse Co., 337 U.S.
  530, 533 (1949)). Here, the inadequacy of a remedy at law is not a mere
  pleading requirement, but a substantive element of an alter-ego claim. So we
  enforce it like any other state substantive law.
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  First Quality Baby Prods., LLC, 530 U.S. 328, 333 (2017), fraudulent-transfer

  claims invoke the court’s avoidance power, which seems equitable, see Utah

  Code Ann. § 25-6-8(1)(a).

          Utah courts distinguish between legal and equitable claims based on “the

  nature of the rights asserted and the remedies sought in light of the facts of the

  case.” Jones v. Mackey Price Thompson & Ostler (Jones I), 355 P.3d 1000,

  1012 (Utah 2015) (citation omitted). Then, courts must “decide if that claim

  would have been cognizable at law or in equity at the time the Utah

  Constitution was adopted.” Id. While undertaking this inquiry, courts are not

  bound by “the parties’ characterization of the claims.” Id. This framework

  mirrors the United States Supreme Court’s test in Granfinanciera, the case

  cited by the district court here.

          In Granfinanciera, the Court considered whether a defendant facing a

  fraudulent-transfer claim brought by a bankruptcy trustee was entitled to a jury

  trial. 492 U.S. at 36. Under the Seventh Amendment, jury trials are required

  only for “[s]uits at common law.” Id. at 40–41 (quoting U.S. Const. amend.

  VII). Suits at common law are “suits in which legal rights were to be

  ascertained and determined, in contradistinction to those where equitable rights

  alone were recognized, and equitable remedies were administered.” Id. at 42

  (quoting Parsons v. Bedford, Breedlove & Robeson, 28 U.S. (3 Pet.) 433, 447

  (1830)). The Court framed the Seventh Amendment inquiry as a two-pronged

  test:

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        First, we compare the statutory action to 18th-century actions
        brought in the courts of England prior to the merger of the courts of
        law and equity. Second, we examine the remedy sought and
        determine whether it is legal or equitable in nature. The second stage
        of this analysis is more important than the first.
  Id. (cleaned up). 11

        On the first prong, the Court explained that “actions to recover

  preferential or fraudulent transfers were often brought at law in late 18th-

  century England,” even though “courts of equity sometimes provided relief in

  fraudulent conveyance actions.” Id. at 43. Still, suits for “monetary relief

  would not have sounded in equity 200 years ago in England.” Id. After all, suits

  in equity are “those where equitable rights alone were recognized.” Id. (quoting

  Parsons, 28 U.S. at 447). After surveying some caselaw, the Court held that the

  trustee “would have had to bring his action to recover an alleged fraudulent

  conveyance of a determinate sum of money at law in 18th-century England, and

  that a court of equity would not have adjudicated it.” Id. at 46–47.

        On the second prong, the Court characterized “[t]he nature of the relief”

  as legal, not equitable. Id. at 47. Naming many of its precedents, the Court

  recounted that fraud cases were not cognizable in equity “to obtain only a

  decree for the payment of money by way of damages” when a legal remedy was

  available. Id. at 47–48. And analogizing to another bankruptcy fraudulent-

        11
           The parties do not brief the Granfinanciera test. But they do focus on
  the nature of the remedy sought, which is functionally the same test. Because
  the district court cited Granfinanciera in its ruling, and because that case tracks
  with the Jones I test, we rely on it for its persuasive value.
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  transfer case, the Court cited (1) the plaintiff’s “ascertained and definite”

  monetary damages and (2) the plaintiff’s lack of a “call for an accounting or

  other equitable relief.” Id. at 48–49 (quoting Schoenthal v. Irving Tr. Co., 287

  U.S. 92, 95 (1932)). Both prongs signified that the fraudulent-transfer claim

  was legal, so the Court held that the defendant was entitled to a jury trial. Id. at

  64. 12

           Applying Granfinanciera and Jones I, Asphalt’s fraudulent-transfer claim

  must be legal. Asphalt sought only ascertained and definite damages as a

  remedy under the UFTA. App. vol. 5, at 1271 (Am. Compl.) (requesting

  judgment on UFTA claim for “damages in the amount of all fraudulent

  transfers, plus interests and costs, including, but not limited to costs and

  reasonable attorney fees incurred in collection of the debt”); App. vol. 1, at

  101–02 (Asphalt Mot. Summ. J.) (“Accordingly, the Court should . . . enter

  judgment . . . against Beall for fraudulent transfer in the amount of

  $448,708.04.”). Borrowing from the Supreme Court’s explanation of historical

           12
           We rely on Granfinanciera for its persuasive value, but our historical
  analysis does not end there. In Ottenburg v. Barnes, 37 P. 267, 267 (Utah
  1894), plaintiff-creditors brought a bill in equity to set aside a fraudulent
  assignment of the debtor’s estate. The Supreme Court of the Territory of Utah
  ruled that courts of equity have jurisdiction when a party seeks the
  “cancellation of some writing, or the taking of an account, or some other act of
  adjudication which goes beyond a simple verdict in favor of one or the other
  party.” Id. at 267–68. Because the plaintiff-creditors sought to “have the deed
  of assignment canceled,” “an accounting,” and the appointment of a receiver to
  distribute “the money among the parties,” the courts of equity had jurisdiction
  over their suit. Id. at 268. We find this case consistent with Granfinanciera’s
  historical analysis.
                                           17
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  fraudulent-transfer claims, Asphalt’s claim for damages “would not have

  sounded in equity 200 years ago in England.” Granfinanciera, 492 U.S. at 43.

  And nowhere did Asphalt ask for “an accounting or other equitable relief”—

  just money. Id. at 48–49; see also Int’l Harvester Credit Corp. v. Pioneer

  Tractor & Implement, Inc., 626 P.2d 418, 421 (Utah 1981) (“Since this action

  concerned only money damages, the action was clearly a law action.”); Jones I,

  355 P.3d at 1012–15 (reasoning that “assumpsit” was the historical analog for a

  modern unjust-enrichment claim, that assumpsit was a claim at law, and that

  unjust enrichment’s remedy, restitution, was available at law); Volker-

  Scowcroft Lumber Co. v. Vance, 103 P. 970, 972 (Utah 1909) (“[A] personal

  judgment apart from the granting of equitable relief could not be rendered in an

  action in equity.”). 13

        Asphalt ticks through a few sources that it claims show that fraudulent-

  transfer claims are equitable. First, it cites Jones v. Mackey Price Thompson &

  Ostler (Jones II), 469 P.3d 879, 893 (Utah 2020), to support the “availability of

  equitable remedies in support of the collection of damages on a legal claim”—

  which Asphalt interprets to apply to its suit to collect on its domesticated

  arbitration award. Second, Asphalt cites language from another case that “[a]

        13
          Even though prior Utah Supreme Court decisions had described unjust-
  enrichment claims as “equitable,” the Jones I court clarified that this “meant
  merely to describe the way in which the claim should be approached,” not to
  suggest that unjust-enrichment claims were equitable historically or remedially.
  355 P.3d at 1015–16.
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  judgment creditor may litigate the question of a fraudulent conveyance . . . in a

  creditor’s bill in equity.” Jensen v. Eames, 519 P.2d 236, 239 (Utah 1974).

  Third, Asphalt cites a Utah Court of Appeals case that rejected as “contrary to

  Utah law” a “blanket rule that a request for money damages transforms an

  equitable claim into a legal one.” Anderson v. Larry H. Miller Commc’ns Corp.,

  351 P.3d 832, 842 (Utah Ct. App. 2015). Fourth, Asphalt cites some law review

  articles, including one which questions whether Granfinanciera was rightly

  decided. And finally, Asphalt criticizes Granfinanciera for having “nothing to

  do with the scope or content of Utah law.” Op. Br. at 25.

        We reject Asphalt’s arguments. First, Jones II was discussing

  constructive trusts, an equitable remedy that Asphalt never sought here. Nor did

  Asphalt file a creditor’s bill in equity to obtain a lien on Taryn Capital’s

  equitable interest in Beall’s property, as mentioned in Jensen. Next, Anderson’s

  comment about monetary relief not automatically being a legal remedy is true.

  But this was in the context of promissory estoppel, which Utah has historically

  recognized as an equitable claim. Anderson, 351 P.3d at 841. Asphalt has cited

  no Utah cases treating fraudulent-transfer claims as equitable when definite

  damages were the sole remedy sought. And as discussed earlier, even though

  Granfinanciera concerned federal bankruptcy law, its two-part test mirrors the

  Utah Supreme Court’s test from Jones I, so we find its historical discourse

  highly persuasive.

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         To conclude, we hold that Asphalt’s fraudulent-transfer claim is legal,

  not equitable.

  III.   Asphalt’s fraudulent-transfer claim provided an adequate remedy at
         law.

         Even if Asphalt’s UFTA claim is a legal claim, Asphalt argues that it still

  did not provide an adequate remedy at law.

         “It is settled in Utah that ‘the law will not imply an equitable remedy

  when there is an adequate remedy at law.’” Thorpe, 243 P.3d at 507 (quoting

  UTCO Assocs., Ltd. v. Zimmerman, 27 P.3d 177, 180 (Utah Ct. App. 2001)). As

  the United States Supreme Court put it nearly two centuries ago, “[i]t is not

  enough that there is a remedy at law; it must be plain and adequate, or in other

  words, as practical and as efficient to the ends of justice and its prompt

  administration, as the remedy in equity.” Boyce’s Ex’rs v. Grundy, 28 U.S.

  (3 Pet.) 210, 215 (1830). The Utah Supreme Court recognizes equitable relief

  “only when a court determines that damages are inadequate and that equitable

  relief will result in more perfect and complete justice.” Thurston v. Box Elder

  Cnty., 892 P.2d 1034, 1040 (Utah 1995). And elsewhere, in defining the

  irreparable harm needed for an injunction, the Utah Supreme Court similarly

  noted that a legal remedy is adequate when it is “as practicable and efficient

  toward the ends of justice as an injunction.” Hunsaker v. Kersh, 991 P.2d 67,

  69 n.1 (Utah 1999) (quoting 42 Am. Jur. 2d Injunctions § 39 (1969)).

                                          20
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        In Johnson v. Hermes Associates, Ltd., the Utah Supreme Court further

  clarified what may render a legal remedy inadequate. 128 P.3d 1151, 1157–58

  nn. 7–8 (Utah 2005). The court explained that “the lack of adequate remedies at

  law may be demonstrated by showing that” (1) “alternative legal remedies,

  while available in theory, are immeasurable or merely speculative”;

  (2) “obtaining legal redress would require the commencement of multiple

  suits”; or (3) “an awarding of damages by an alternative remedy may be

  insufficiently compensatory in light of the harm caused by the defendant’s

  conduct.” Id. at 1157 n.7 (citation omitted). The court further noted that

  “inadequate legal remedies exist when a party is unlikely to be made whole by

  an award of monetary damages or some other legal, as opposed to equitable,

  remedy.” Id. at 1158 n.8; see also Mack v. Utah State Dep’t of Com., Div. of

  Sec., 221 P.3d 194, 201 (Utah 2009) (quoting Johnson, 128 P.3d at 1158 n.8).

        Without discussing Johnson, the parties debate whether the UFTA

  remedy was as practical and efficient as the alter-ego remedy. But under either

  test, Asphalt’s fraudulent-transfer claim is adequate.

        According to Asphalt, it all comes down to dollars and cents. Asphalt’s

  alter-ego claim was worth the entire amount of its $2.3 million arbitration

  judgment. Yet Asphalt’s UFTA claim “sought to recoup only ‘the amount of all

  fraudulent transfers,’ or a little bit less than $450,000.” Op. Br. at 28 (citation

  omitted). For that reason, Asphalt says that its UFTA remedy was inadequate.

                                           21
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  In response, Beall and Taryn Capital argue that Asphalt’s summary-judgment

  motion claimed a much higher fraudulent-transfer amount—around $2 million.

        Asphalt is correct that its summary-judgment motion sought $2 million

  (plus interest) for the alter-ego claim and about $450,000 for the fraudulent-

  transfer claim. Yet Asphalt fails to explain how it can limit its maximum

  fraudulent-transfer recovery to the $450,000 Asphalt sought in its summary-

  judgment motion. After all, in reviewing this claim, Asphalt said in its motion

  that it was undisputed that “Beall made hundreds of Fraudulent Transfers from

  approximately June 2012 to October 2016” and that “[t]he funds that were

  fraudulently transferred by Beall from Taryn’s bank accounts at Wells Fargo

  and U.S. Bank amounted to approximately $2,000,000 over the course of

  approximately four years.” App. vol. 1, at 75–76. Indeed, as incorporated in its

  motion, Asphalt attached a “fraudulent-transfer reference sheet” detailing over

  a thousand transfers from Taryn Capital to Beall and others totaling

  $1,968,260.35. App. vol. 3, at 538–62. Ahead of summary judgment, in the

  parties’ joint statement of material facts, Asphalt claimed that Beall withdrew

  $3.9 million from Taryn Capital’s bank accounts during that timeframe and that

  about only $129,000 accounted for Taryn Capital’s “legitimate business

  expenses.” Appellee’s App. at 94–95, 122–23. And in its Amended Complaint,

  Asphalt declared that “Beall is personally liable for the total amount of all

  Fraudulent Transfers made by Taryn to Beall from June 9, 2012 until the

                                          22
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  present.” App. vol. 5, at 1269–70. Further, Asphalt requested judgment for

  “damages in the amount of all fraudulent transfers.” Id. at 1271.

        Plaintiffs cannot artificially adjust their damages this way to claim they

  have no adequate remedy at law and must resort to an equitable claim. See TD

  Bank N.A. v. Hill, 928 F.3d 259, 283 (3d Cir. 2019). In discussing the adequacy

  of a remedy at law for a copyright injunction, the United States Court of

  Appeals for the Third Circuit in TD Bank rejected a copyright holder’s

  argument that because it had “abandoned its request for statutory damages, . . .

  it lack[ed] an adequate remedy at law.” Id. at 282. The court reasoned that,

  “where an adequate remedy at law exists, ‘the party seeking redress must

  pursue it.’” Id. (quoting Parker v. Winnipiseogee Lake Cotton & Woolen Co.,

  67 U.S. (2 Black) 545, 551 (1862)). Thus, a plaintiff’s failing to pursue what

  could have been an adequate legal remedy cannot “bolster its case for equitable

  relief.” Id. at 283. In an unjust-enrichment case, the United States Court of

  Appeals for the Eighth Circuit likewise noted that the availability of equitable

  relief hinges on “the existence of, not the efficacy of, an adequate legal

  remedy.” CMI Roadbuilding, Inc. v. Iowa Parts, Inc., 920 F.3d 560, 566 (8th

  Cir. 2019) (citation omitted).

        Neither the parties nor this court have found a Utah case squarely

  rejecting a plaintiff’s equitable claim because the plaintiff lowered the damages

  sought on a legal claim. But we have no reason to believe that the Utah

  Supreme Court would approve such a course. See M.J., 371 P.3d at 35

                                          23
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  (describing veil piercing as “a tool of last resort”). And Utah, too, employs a

  rule based on the remedy’s existence, not its efficacy. Buckner v. Kennard, 99

  P.3d 842, 857 (Utah 2004) (“Equitable jurisdiction is not justifiable simply

  because a party’s remedy at law failed.” (citing 27A Am. Jur. 2d Equity § 48

  (2003))). No matter why Asphalt sought summary judgment for only a portion

  of the fraudulent-conveyance damages it identified, at trial Asphalt presumably

  could have sought the rest—certainly enough to satisfy Asphalt’s arbitration

  judgment.

        We hold that Asphalt’s fraudulent-transfer claim afforded it an adequate

  remedy at law.

  IV.   The district court did not violate the election-of-remedies doctrine.

        Even if Asphalt’s UFTA claim were a legal claim, and even if it afforded

  Asphalt an adequate remedy at law, Asphalt faults the district court for

  prematurely forcing Asphalt to pick between its UFTA and alter-ego claims,

  which Asphalt says violated a core tenet of the election-of-remedies doctrine.

        Because this is a diversity case, we apply Utah’s election-of-remedies

  doctrine. See McKinney v. Gannett Co., 817 F.2d 659, 671 (10th Cir. 1987). But

  see Homeland Training Ctr., LLC v. Summit Point Auto. Rsch. Ctr., 594 F.3d

  285, 294 n.1 (4th Cir. 2010) (noting that election-of-remedies doctrine is likely

                                          24
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  procedural for Erie purposes, so federal law would apply). 14 In Utah, this

  doctrine bars plaintiffs from obtaining a double recovery or inconsistent

  recoveries for the same injury. Helf v. Chevron U.S.A. Inc., 361 P.3d 63, 78

  (Utah 2015). The election-of-remedies doctrine also requires a plaintiff to

  choose between inconsistent theories of recovery. Id. Older Utah cases decided

  under strict pleading regimes required plaintiffs to “make[] a binding election

  between [conflicting] theories of liability upon filing a complaint.” Id. (cleaned

  up). But in the mid-twentieth century, pleading rules were relaxed, so Utah

  plaintiffs could plead inconsistent remedies in the alternative. Id. at 79 (citing

  Parrish v. Tahtaras, 318 P.2d 642, 645 (Utah 1957)); cf. Fed. R. Civ. P. 8(a)(3)

  (permitting plaintiffs to plead “relief in the alternative”). The modern rule is

  that “a court may not require a plaintiff to elect between inconsistent claims

  prior to trial.” Helf, 361 P.3d at 79 (citation omitted). Only “[o]nce the fact-

  finder and the judge have resolved all factual and legal disputes related to the

  inconsistent theories of liability” must a plaintiff choose between those

  theories. Id. at 80 (citation omitted). Put differently, “an election is not binding

  ‘until one remedy is pursued to a determinative conclusion.’” Id. (citation

  omitted). If Asphalt is correct that the district court required it to elect a

  remedy before trial, that would be reversible error.

        14
           No matter whether federal or Utah law applies here, “[t]he parties did
  not raise the Erie issue, however, and since . . . [Utah] election of remedies law
  [likely] provides the same result as federal law, we [should] decline to rule
  upon it.” Homeland, 594 F.3d at 293 n.1.
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        But the district court never purported to force a premature election

  between Asphalt’s UFTA and alter-ego remedies. Rather, in response to the

  argument that Asphalt had failed to plead facts that “demonstrate that it lacks

  an adequate remedy at law,” App. vol. 3, at 675, the district court ruled that

  Asphalt had “failed to even argue, let alone establish, that [the UFTA] claims

  do not provide it with an adequate remedy of law,” App. vol. 6, at 1302.

  Asphalt is wrong to suggest that this ruling implicated its election of remedies.

  The court’s ruling was about Asphalt’s failure to support its alter-ego claim

  with evidence of an inadequate remedy at law. Again, a plaintiff must lack an

  adequate remedy at law to bring a veil-piercing claim in Utah. M.J., 371 P.3d at

  35–36. And Utah courts routinely grant summary judgment for defendants

  facing alter-ego claims without discussing elections of remedies. E.g., Jones &

  Trevor Mktg., 284 P.3d at 633. We discern no election-of-remedies error.

                                  CONCLUSION

        For all these reasons, we affirm.

                                             Entered for the Court

                                             Gregory A. Phillips
                                             Circuit Judge

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  Asphalt Trader Ltd. v. Beall, No. 22-4085

  EID, Circuit Judge, concurring in the judgment.

         I agree with the majority that Asphalt Trader waived its dispositive arguments on

  appeal, and that we should therefore affirm the district court’s grant of summary

  judgment against Asphalt Trader. Because Asphalt Trader’s waiver decides this appeal, I

  disagree with the majority’s choice to reach any further issues.

         I do not understand the district court to have imposed a “magic words”

  requirement for equitable claims; nor do I understand the majority to endorse such a

  requirement. After all, equitable jurisdiction in Utah does not turn on whether the

  plaintiff recited a particular incantation. See Sweeney v. Happy Valley, Inc., 18 Utah 2d

  113, 117 (1966) (“In circumstances where doubt exists as to whether the cause should be

  regarded as one in equity . . . [the trial court] is not bound by the ostensible form of the

  action, nor by the particular wording of the pleadings.”). Nor do longstanding principles

  of equity contradict Utah’s precedents. See, e.g., Organovo Holdings, Inc. v. Dimitrov,

  162 A.3d 102, 113 (Del. Ch. 2017) (“Chancery jurisdiction is not conferred by the

  incantation of magic words.”); Nevius v. Palomares, 314 Or. App. 193, 199–200 (2021)

  (“Defendants cite no authority for the proposition that a complaint must include those

  magic words rather than simply include ultimate facts that would allow a factfinder to

  determine that plaintiffs did not possess an adequate legal remedy . . . .”).

         Here, the district court properly concluded that Asphalt Trader did not use any

  words, magic or otherwise, to plead or to argue an inadequate remedy at law. This failure

  of pleading and proof was dispositive below, and it was not contested on appeal.
Appellate Case: 22-4085       Document: 010111003391         Date Filed: 02/21/2024     Page: 28

  Therefore, as the majority rightly notes, Asphalt Trader failed adequately “to explain

  what was wrong with the reasoning that the district court relied on in reaching its

  decision,” and Asphalt Trader’s argument is thus “waived because it is not adequately

  developed.” Nixon v. City & Cnty. of Denver, 784 F.3d 1364, 1366, 1368 (10th Cir.

  2015).

           As the majority agrees, that should decide this appeal. When an appellant has

  waived its only argument, we should go directly to “AFFIRMED.” The majority

  therefore properly concludes its discussion of Asphalt Trader’s waiver with the sentence:

  “So we affirm.” Maj. Op. at 15. Regrettably, that conclusion appears only one-third of

  the way through the majority’s discussion of the issues. After affirming, the majority

  proceeds to decide several questions that do not bear on the outcome of this case. See

  Maj. Op. at 15–27.

           The majority’s decision to consider unnecessary issues in this case is made worse

  by its decision to resolve a close question of Utah state law. The majority, “assuming

  that the [district] court passed on th[e] issue,” proclaims that Asphalt Trader’s

  “fraudulent-transfer claim is legal,” not equitable, under Utah law. Maj. Op. at 15, 20.

  But, as the majority recognizes, the question “is trickier than it might appear.” Id. at 15.

           Longstanding Utah precedents, for example, generally point to equity. For

  instance, the Utah Supreme Court has said, “in cases where the debtor has become

  insolvent, and unable to pay all his debts, that a court of equity may be resorted to for the

  purpose of determining whether or not fraud has been perpetrated upon any of the

  creditors, by deed of assignment or otherwise.” Wyeth Hardware & Mfg. Co. v. James-

                                                2
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  Spencer-Bateman Co., 15 Utah 110, 110 (1897). The Utah Supreme Court continued to

  assume in later cases that such an action is proper only at equity. In 1914 the Court

  remarked, in dictum, that an action for fraudulent transfer “is an equitable proceeding

  pure and simple.” Com. Nat’l Bank of Salt Lake City v. Page & Brinton, 45 Utah 14, 14

  (1914). In Lund v. Howell, the Utah Supreme Court construed an action for fraudulent

  conveyance as an action “to cancel, annul, and set aside an assignment of an undivided

  interest in an estate,” i.e., a traditional equitable action. 92 Utah 232, 232 (1937). Utah

  cases from the mid-20th Century tend to agree. For example, in Givan v. Lamberth, the

  Utah Supreme Court noted in passing that an action “to set aside, as fraudulent, certain

  conveyances” was “a case in equity,” even though it was combined with “an action for

  money.” 10 Utah 287, 288–89 (1960). This authority demonstrates that Utah law on the

  matter is, at best, mixed, making it difficult to predict what the Utah Supreme Court

  would do in this situation. And “in diversity cases” such as this, our only task “is to

  predict how the state supreme court would rule.” Valley Forge Ins. Co. v. Health Care

  Mgmt. Partners, Ltd., 616 F.3d 1086, 1093 (10th Cir. 2010) (Gorsuch, J.); cf. Erie R. Co.

  v. Tompkins, 304 U.S. 64, 80 (1938).

         Under these circumstances I would tread lightly and stop our analysis with Asphalt

  Trader’s waiver. Nevertheless, I agree that the district court’s grant of summary

  judgment must be affirmed. Therefore, I respectfully concur in the judgment.

                                                3