Since the other vessel was indeed the stand-on vessel, that vessel was required to maintain course and speed (conditions permitting). Since it was approaching shore, we all know that mainatining speed was not possible. That fact makes it very difficult for RG to determine if he was actually on a collision course or not.
That said, the proper thing to do in this situation is to turn hard to starboard and aim directly at the stand-on boat, then maintain that course until the stand-on boat has passed the "150 foot from you" mark. This gives the stand-on boat a strong visual clue that you see them, are giving way, and intend to pass behind them at more than 150 feet. It also puts you on a good heading to hit their wake.
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