Esther Williams AGP, wall buckling, cove?

We had a 27' given to us.. just got it up.. filled it over night.. looked at it this morning and the wall is buckling at one of the up-rights.. We used pre-existing padded coves.. and this one may have been one that was in not so great shape AND the seam between the next cove is right where this is buckling.. I have about 40 inches of water so far... How much should I be worried about this for this year? and is there anything I can do short of draining and replacing the cove?... please see pics below.. Thanks for any help..

http://farm7.static.flickr.com/6130/...00ffb48967.jpg
IMG_20110724_180641-1 by riogrande_texas, on Flickr



http://farm7.static.flickr.com/6010/...9f690dc2ef.jpg
IMG_20110724_180854-1 by riogrande_texas, on Flickr

http://farm7.static.flickr.com/6122/...8f4638eec4.jpg
IMG_20110724_180509-1 by riogrande_texas, on Flickr

http://farm7.static.flickr.com/6011/...89aca7a881.jpg
IMG_20110724_180524-1 by riogrande_texas, on Flickr