I follow the goings-on with the America's Cup regularly but without digging too deeply into it. Since I forgot to go to Law School, it's hard to keep up with the suits, appeals, and Amicus Briefs that litter the once-proud regatta. What news I do keep up with is from Sailing Anarchy, where a handful of obsessed sailors spend every waking minute trying to psycho-analyze Ernesto Bertarelli, Russell Coutts, Larry Ellison, and some reporter named Marian from BYM news.
About a year ago, SA started a paper yacht club so that people could race under the SAYC flag without having to actually join a yacht club. And to make Scot Tempesta some money too.
It became apparent about a week ago that SA is planning an annual regatta, is an incorporated yacht club, and has a lawyer on staff. That's really all you need to launch a challenge for the America's Cup.
Here is their press release. Anarchy Challenge. What a great description for what's happened to the America's Cup.