KewlGuy: You might have to wait until tomorrow (or later - not sure how long) - I'm not sure how often, but there is some process that will "reset" your fellowship count back to 1 - allowing you to then create a new fellowship.
Why did you have to delete to create a new one? Just about any setting should be able to be changed in a fellowship so a delete/new would not be necessary.
If it still does not let you create a new fellowship tomorrow - then send a message to Fencer and he should be able to manually reset that count back to 1 for you.