A finding that particular evidence (here, a reconciliation working paper) was sufficient to trace specific funds to particular goods does not necessarily constitute a finding that the evidence described the totality of a party's entitlements under an agreement. The distinction between a court deciding that funds can be traced to identified goods and deciding that identified goods comprise the totality of entitlements is critical for issue estoppel purposes. Where there are no pleadings in prior proceedings, a court determining issue estoppel may consider the reasons, evidence, written submissions and transcript of oral argument to ascertain what was decided.
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