Settled! | Latest News - African Diaspora MaritimeJuly 23, 2014 -- African Diaspora Maritime Corporation ("ADM") and Golden Gate Yacht Club ("GGYC") hereby jointly announce that ADM and GGYC have mutually agreed to settle the action titled African Diaspora Maritime Corporation v. Golden Gate Yacht Club, Index No. 653419/2011, filed in the Supreme Court of the State Court of New York, County of New York. In its complaint, ADM alleged (among other things) that GGYC failed to consider in good faith ADM's application to compete in a Defender Series for the 34th America's Cup ("AC34"). GGYC denied ADM's allegations. The parties have now settled their dispute.
ADM is fully committed to continuing its efforts to participate in future America's Cup races. GGYC, which will again defend the Cup in the 35th America's Cup, is fully supportive of ADM's stated mission, which is: (a) to participate in local, national, and international competitive sailing events and maritime activities, including, but not limited to the America's Cup; (b) to train young African-Americans as competitive race sailors; (c) to teach the math and science behind hi-tech sailing as well as the role of African-Americans in maritime history; and (d) to serve as a role model by raising awareness of sailing not only in the African-American community but also in America generally.