snap or no snap

[SoGARef]

I agree with Mikesears and ABoselli. Hobbes, get your nomenclature right as there is no such thing as a lateral. It is a backwards pass. The elements of a legal snap were met. 1) a quick and continuous backward motion, 2)ball immediately leaves the hand(s) of the snapper, and 3) touches a back or the ground before it touches an A lineman.
Therefore, there is no foul causing the ball to remain dead, so no whistle. The snapper can touch the ball because it has touched the ground, therefore, no live ball illegal procedure. The snapper passes the ball backwards to the punter meeting the requirements for a backwards pass, therefore, no foul. Hence, every action up to the kick has been legal.

mcrowder, the old fumblerooski would only qualify if it was a planned loose ball play and the description indicates that the ball slipped from the snappers hands. Hence, it was not a planned loose ball play.