AC 33 Protocol bustup - Seconds out, round two

It didn't take long - Club Nautico Espanol de Vela have responded to the Golden Gate Yacht Club's claim to the title of COR already.

BYM Sailing & Sports News carry an English translation of the Spanish statement, indicating:

1. Their acceptance as COR was in accordance with the Deeds of Gift.
2. While they don't refute that the COR must have organised regattas, they indicate that the Deed of Gift does not specifically state that those regattas must have taken place before (as opposed to taking place after) becoming COR, and as they have regattas organised to take place later this month, there's nothing wrong.
3. To GGYC's complaints concerning lack of venue and date of 33rd Cup, CNEV state they're as much in the dark as anyone else, it not being an issue for them; they also point out that at the end of the 31st America's Cup, there was a similar period of time in which date and venue of AC32 were undetermined, and at this time the COR was indeed BMW Oracle Racing!
4. They have upheld the spirit of the Deed of Gift in all actions.

Hmmm... we say:

1. That's for a court to decide.
2. Legal ambiguity at best. It'll be interesting to see what type of regatta takes place - anyone care to bet it'll be a radio controlled boat festival?
   The Deed of Gift states:
   Any organized Yacht Club of a foreign country, incorporated, patented, or licensed by the legislature, admiralty, or other executive department, having for its annual regatta an ocean water course on the sea, or on an arm of the sea, or one which combines both, shall always be entitled to the right of sailing a match of this Cup, with a yacht or vessel propelled by sails only and constructed in the country to which the Challenging Club belongs, against any one yacht or vessel constructed in the country of the Club holding the Cup. (source: Wikipedia).
   
3. Surely the point of being COR is to hold the current cup holders to account and clarify the detail? It's hard to imagine that Alinghi are in as much doubt as the other potential teams as to what where and when - which gives them the advantage that the role of COR is intended to prevent! Touche, in terms of Oracle Racing's previous conduct.
4. As ever, the interpretation is everything. In terms of their apparent conduct as a COR of convenience, we disagree.

The question is, will this elevate to legal conflict?

Right, where's that gum shield and sponge?