you never really know if you are right or not till you hit the protest hearing! and i'm no us sailing judge, but if i was on the protest committee......
i would find you 'not guilty'. first of all, rule 12 states that the overtaking boat has to keep clear of the boat clear ahead.
second, us sailing's appeal #7 clearly states "the wayless boat held right of way under rule 12 as the boat clear ahead..."
so i would say you were all right. however, if you are 'sailing' backwards (by backwinding your sails, for example) then you would lose rights.