His reply was "We're Racing".
Now my question - My brief reading of race rules are they are more stringent than and do not contradict the ColRegs, regarding stand-on vs. avoid, and not with-standing this A-hole, what is a racer's attitude toward non-racing boats and what is their general respect for the ColRegs?
Racers are no different than any other sailor, other than being a bit more aggressive in a race. Other than some tricky details regarding overlap and room at the mark, and issues with obstructions on the course, the stand-on/give-way rules and requirements to observe ColRegs are no different.
The boat in question was clearly in the wrong and the fact they were racing has no bearing on the issue, other than the fact that, apparently, the crew of the offending boat thought differently.
If you know what club or association was running that race, I would recommend you contact them and make them aware of the incident. Perhaps they'll make a point of making clear to future participants that just because they're racing doesn't give them the right to run roughshod over whomever happens to be on the water.