The America's Cup sank into a Bermuda Triangle of lawyers, loudmouths and bad losers last week. In the best-of-three event, Dennis Conner's Stars & Stripes grimly fended off a rogue challenge for the jug, outsailing New Zealand in a pair of yawners off San Diego. Nearly the only exciting development was the fact that Stars & Stripes flew sponsors' logos, a Cup first. One of them, Diet Pepsi, was an apt choice for a low-calorie affair that was an embarrassing mismatch.
It began over a year ago, when Auckland Investment Banker Michael Fay overturned 30 years of tradition and challenged the...