- 5 - On August 29, 2003, the arbitrator submitted his written findings to the parties and the Court.3 On October 6, 2003, petitioners filed a motion to delay entering the arbitrator’s findings in the record. In their motion, petitioners note that the arbitrator’s written findings include this statement: Mr. Williams [petitioners’ consultant] correctly points out that if all of the behind-the-pipe reserves were immediately completed to produce, the discount for time would be greatly reduced. However, there has been no information provided to me that this practice had become a standard procedure in 1993, or even since that date. [Emphasis added.] Petitioners argue that by failing to request the information alluded to in the just-quoted passage, the arbitrator “reached his conclusion as to the fair market value of the subject wells without the benefit of * * * full and complete data and information with respect to an essential element of Petitioners’ presentation.” On October 23, 2003, respondent filed his opposition to petitioners’ motion. Discussion Under Rule 124, “The parties may move that any factual issue in controversy be resolved through voluntary binding arbitration.” Rule 124(a). The parties must attach to their motion requesting arbitration “a stipulation executed by each 3 Contrary to the terms of the arbitration agreement, the parties have not submitted the arbitrator’s written findings to the Court.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011