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SNG FRUSTRATED WITH MEETING OUTCOME

AC

Waaaa!

From
Alinghi….

SNG FRUSTRATED WITH MEETING OUTCOME

Following the meeting that was held at the Société
Nautique de Genève in Switzerland with representatives from both
SNG and Golden Gate Yacht Club, Lucien Masmejan, lead counsel for the
defending yacht club, expresses:

“Despite having had great hopes for today’s meeting with GGYC,
we were very disappointed with the outcome. GGYC adopted the same approach
that it took last year coming to the meeting with a fixed position rather
than to discuss and find a resolution in accordance with Justice Cahn’s
Order.

We are particularly frustrated by the GGYC’s assertion that the agreement
made in front of Justice Cahn to ‘toll the case’ so that the
Defender would have 10 months notice as per the Deed of Gift no longer
applies and that racing should take place in October 2008.