NY Court of Appeals rules in favor of BMW Oracle
The long-awaited decision has just been made public. The 6 judges of the NY Court of Appeals decided, unanimously (6-0), that the Société Nautique de Genève (Alinghi's yacht club) was wrong in accepting the challenge presented by Club Nautico Español de Vela (Desafío Español's newly-formed yacht club) because it hadn't held its annual regatta BEFORE the moment it presented its challenge.
To cut a long story short the judges state that "Today, we are called upon to reexamine the Deed of Gift to determine the eligibility criteria for a Challenger of Record -- specifically whether the phrase "having for its annual regatta" requires a yacht club to hold an annual regatta on the sea prior to issuing its challenge (Deed of Gift, October 24, 1887, ¶ 4). We conclude that it does. You can read the entire decision in the attached PDF file.
What does that mean? Golden Gate Yacht Club (GGYC) is now the Challenger of Record as per Justice Cahn's first decision, since his order has been reinstated. As a result, Alinghi and BMW Oracle will now face each other, 10 months from now, in a venue that Alinghi will choose.