Why are we here?

More debate, more noise, more memos, more letters, more slanging matches, more briefs, more complaints, more court filings, more wasted energy, more money, more waste.

Both Larry Ellison (USA), chief of BMWOracle, and Ernesto Bertarelli (SUI), chief of Alinghi, are billionaires who should know better – so should their yacht clubs – but as you know, and I know, there is pathology at work here.

Depending on who you are, Ernesto is totally obsessive – and worse, he is European, you know, born to decide and to rule. On the other hand, he just wants to sail his boat and win America’s Cup 33.

Depending on who you are, Larry and his cohorts have consistently said the same thing and made the same demands – notably, fair, objective rules for AC33, and a level playing field for all. On the other hand, all he wants to do is win this event in the New York courts.

You have your view.

The fact is, everything has gone far, far beyond that.

Curiously, however, as bad as this is – and it is indubitably bad -- there is nothing that mutual discussion, mutual agreement, and mutual consent can’t fix.

Which is exactly what both teams were trying to engineer in Singapore.

According to the little voices swimming in the shallows, the participants actually had reached a workable agreement – yes, they actually did. All it needed were a few signatures, and for those signatures to be confirmed – and for one signature, or one assent, in particular, to be attached.

As we all now know, Ernesto Bertarelli woke up in Geneva the next morning and deep-sixed everything.

TO THE TUNE OF: ‘Here we go again!’

The ugly facts of the matter are that Larry Ellison absolutely and definitively won’t budge on scrupulous fairness and fidelity to the Deed of Gift.

And Ernesto Bertarelli, absolutely and definitively, refuses to grant Ellison anything, not even mutual consent.

That’s the standoff.

It’s manic. It’s pathological. It’s what it is.

Of course, The Big Elephant in This Room of Mammoths is the removal of Société Nautique de Genève as a Cup Trustee.

Whatever happens this spring, this summer – or never – in the waters off Valencia, unless someone can persuade the Swiss to parley – and soon -- major activity in the New York courts, along very uncomfortable lines, is likely to be the next big casino on the world agenda.

Happy New Year.