I don't think you're wrong though because of the wording...as you said, it was a separate SPC (see below bolded)
(4) Reacquire as part of a Retained Salary Transaction the SPC
of a Player who was on that Club's Reserve List within the
past calendar year;
Illustration: If Club A Trades the SPC of a Player to Club
B (the "Initial Trade"), Club B cannot subsequently Trade
an SPC of such Player back to Club A within one (1)
calendar year from the date of the Initial Trade and retain a
portion of the Averaged Amount of that SPC pursuant to a
Retained Salary Transaction. However, Club B may Trade
an SPC of the Player back to Club A within one (1)
calendar year from the date of the Initial Trade if Club B
does not retain any portion of such Player's SPC.
IANAL but you could have bolded stuff in the rule itself:
(4) Reacquire [...] the SPC [...]
Not "acquire the SPC" nor "reacquire the Player".
The illustration OTOH might be just one example illustration. Can't trust the "that SPC" there to be pre-emptive of other possible situations (such as a new SPC signed).
I also have a problem with "calendar year". It obviously means "within last year" (12 months, etc.) but a calendar year as the term is commonly understood starts on 1 Jan and ends 31 Dec (and that's not what's meant here).
Actually now I'm glad IANAL.
(Edit: Ah this already got covered by the actual experts. My um illustration of bolding still stands!)
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