Jul 23, 2002 - Long Beach, CA -- Team Dennis Conners newest Americas Cup boat, Stars & Stripes USA-77, which was christened on May 26, suffered failure in the rudder shaft area, allowing water to flood into the hull. None of the 15 crewmembers aboard were ever in danger and no injuries were incurred. Onboard pumps and airbags were deployed immediately. Unfortunately, the boat could not be kept afloat and she went down in 55 feet of water near the south entrance to Long Beach Harbor. A recovery effort is currently underway involving a crane and barge and it is expected that the boat will be raised and returned to the Team Dennis Conner base camp this evening where the damage will be assessed.