Extract to table

This argument must be taken seriously, but PCG has strong defenses

4(c) provides that the third appraiser must meet three qualifications: (i) the appraiser must hold the MAI designation from the Appraisal Institute; (ii) the appraiser must be independent of both parties, meaning no prior engagement by, or financial relationship with, either PCG or MSH; and (iii) the appraiser must be jointly selected by the parties

The Joint Stipulation specifies that the costs of the neutral appraisal shall be shared equally (50/50) between PCG and MSH, consistent with Section 12

Upon receipt of all three appraisals, the FMV shall be determined as the average of the two appraisals that are closest to each other in value

More common approaches include "baseball arbitration" (in which the neutral selects one of the two party appraisals without modification), "median" or "middle value" approaches (in which the middle of three appraisals is adopted as FMV), and "bracketed average" approaches (in which the final value must fall within the range of the two party appraisals)

4(c), or by the arbitrator's award in the event of a dispute — the closing of the redemption must occur within 90 calendar days of the date on which FMV is finally determined (the "Closing Deadline")