OK, so I spoke with a Senior Judge (who happens to be an International Umpire) this weekend about the original scenario. He confirmed my original position on this.

He said that regardless of (and in part, especially because of) the handling characteristics of the spin boat, that does NOT entitle them to claim they were unable to keep clear if they capsize. Such a boat should expect to be headed up to the moon, and if they decide to overtake to windward, should leave enough space so they can avoid capsizing when the leeward boat brings them up.

Mike