Punting, definition
Punting, as used in this paper, means that the government entity with which the complaint is filed hands all responsibility for resolving the complaint to another party, whether another government office, see, e.g., Arizona, supra note 41, or an ADR entity whose ruling is final, see, e.g., Idaho, supra note 42.
Punting,. [specifying a method for determining value] – Determination by a single “expert” [accountant, appraiser, valuation expert], whose finding is “binding and conclusive” – Determination by “Three Stooges” appraisal • Corporation/LLC picks an expert, departing shareholder/member picks an expert • If they disagree by less than 10%, “split the baby” • If they disagree by 10% or more, they pick a third expert who mediates the dispute • Looks beautiful on paper, but can be difficult to administer in practice and may prolong the buyout process indefinitely Dealing with Insurance Upon an Owner’s Death or Disability • Will either the company or the remaining owners be required to buy life or disability “buyout” insurance? • If so, upon the death or disability of an owner, will the purchase price be the greater, or the lesser, of the insurance proceeds or the “fair market value” of the departing owner’s shares • A tough decision: – If “greater,” the company could be deprived of much- needed funds to replace the departing owner; – If “lesser,” the departing owner could be cheated out of a fair price for his/her shares • Who will the beneficiary be? – Consider an “insurance trust” with third party beneficiary – If the company is the beneficiary, be sure the company is OBLIGATED to pay the withdrawing owner (or his estate)
Examples of Punting, in a sentence
Punting - A punt is kicking the ball by a player who drops it and kicks it before it hits the ground.
Punting Sophomore & Junior – 35 Yard Walk Off; unless inside the 40 then the ball is walked off half the distance to the goal.