...because the "ninja looting policy" has loopholes all over it.
That's true. That's why there is also this in ninja rules: "Each case is individually reviewed and some exceptions to the above may be applied, given that we feel it is most appropriate to take different approach in particular case."

So, FiFito, we can't tell who is right, only GM or somebody from staff can decide that. In my opinion you are right but that won't help you anyway because GM won't give you the item and banning the raid leader won't help you either. Next time just clarify looting rules before the raid starts. GL next time.