The "running bobble"

[just another ref]

Originally Posted by Adam

I see what you're saying. I see this is a some sort of loophole hybrid situation. If the player was holding it first and threw it in the air only to start tapping it upwards, you'd call a travel based on the case play. This, however, used to be considered an illegal air dribble.
If the player was in the middle of a dribble and started doing it, you'd have an illegal dribble.

This can't in any way be considered a fumble because he threw it into the air, as opposed to an "accidental loss of control."