Everyhting is happening very quickly, its only like 25 seconds between the crash and the boat hitting the breakwater.

Simon: Checkout 0:13, they did dump the jib but because the sheets are probably in a loop there is no way they could dump it completely.

They where also heading downwind which IMHO would make it pretty much impossible to round up, its like stopping a runaway train.
Maybe the only thing that could have saved them was a HUGE knife.
Just glad that nobody got hurt, had someone been standing where that bowsprit hit I'm not sure how it would have ended...