America's Cup Challenger's deadline for Singapore Agreement response

by Richard Gladwell and Golden Gate YC Media on 18 Jan 2010 The Challenger for the 33rd America's Cup, Golden Gate Yacht Club, has replied to the Defender, Societe Nautique de Geneve's letter, by writing directly once again to the SNG Commodore, Pierre-Yves Firmenich regarding the recent meeting in Singapore, following which, a member of the Alinghi negotiating team made accusations that it was GGYC who had withdrawn the settlement offer made.

GGYC lodged a motion with the New York Supreme Court mid way through the two day meeting held in Singapore, held with two representatives from both the Challenger and Defender and the International Sailing Federation.

In this latest move GGYC have given SNG a further opportunity to resolve the outstanding issues by signing the resolution now known as the Singapore Agreement.

Signature on this agreement would resolve all outstanding matters including dropping the two current Court actions.

The text of the letter to SNG reads:

January 17, 2010

M. Pierre-Yves Firmenich
Société Nautique de Genève
Port Noir
CH-1223 Cologny
Switzerland

Dear Commodore Firmenich,

I note that any apology or even regret is absent from your Club’s response today to my letter of January 15, 2010.

To set the record straight, of the three parties who drew-up the Singapore Agreement only SNG/Alinghi did not sign it. Since then, David Tillett, chairman of International Jury for 33rd America’s Cup and present at the meeting, has confirmed publically that one side 'balked' at signing the Singapore Agreement at the '11th hour.'

Your negotiators knew that we had delayed serving the 'constructed-in-country' legal paperwork for a week pending the Singapore meeting.

Moreover, after SNG/Alinghi refused to sign the deal that had been negotiated in Singapore on Tuesday, your representatives were advised Tuesday night that we would proceed with the CIC motion at 1000 Wednesday morning if SNG/Alinghi had not agreed by then to the deal negotiated on Tuesday, or something substantially similar.

When SNG/Alinghi made no such agreement by 1000 Wednesday morning, we proceeded with the CIC motion. Thereafter, we note the talks continued with renewed vigor, and that soon your negotiators did agree a deal similar to Tuesday’s. No doubt they were and are fully aware of the 'constructed-in-country' problem your team faces.

You will be aware that the Singapore Agreement included a provision that all legal actions by both sides – including Wednesday’s CIC motion – would be dropped. Be advised we will not rescind that motion unless and until your Club signs the Singapore Agreement.

We hereby renew our commitment to Draft 8 of the Singapore Agreement, but this offer ends at 1900 CET tomorrow, Monday, January 18, 2010.

SNG/Alinghi’s continued unwillingness to sign the Singapore Agreement, which would settle all the remaining issues before the 33rd Match commences, will be a heavy burden for your Club, as Trustee, to bear.

Yours sincerely,

GOLDEN GATE YACHT CLUB



Marcus Young
Commodore