©Gilles Martin Raget/BMW Oracele Racing

The longest-awaited decision in sailing history has finally 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, therefore Club Nautico Español de Vela is not confirmed as Challenger of Record for the 33rd America's Cup.
The Golden Gate Yacht Club is now the Challenger of Record, as per the first Court decision.
The 33rd America's Cup will be a duel between Alinghi and BMW Oracle Racing who will face each other, 10 months from now, in a venue that Alinghi will choose. The next multi-challengers America's Cup is postponed, unless they come to an agreement.

At least they'll move on...