I was there and did finish the race. It was truly a wild ride--all 50 miles. Both the skipper and crew were competent sailors and were 2nd boat around bloody point before their unfortunate accident.
I do not believe they used poor judgement. No more than anyone who does distance races on 20' cats.
The article did have several holes. The part about the 30kts and 6-8' foot waves was true. I thought some were even larger! It's rare that you see cresting waves on the bay--it truly great to be on an I20 that day!
Both sailors were going downwind when the boat stuffed into a wave, pitchpoled, and turtled. The part about the separation I believe is true, but it was not from the first capsize. My understanding is that they righted the boat from turtle, and during the process the boat got away from the skipper who was hanging on to the dolphine striker. He had to let go before the boat capsized again several yards away.
He was picked up by the larger power boat a few minutes later. The part about the hypothermia I don't think was true. Both were in dry suits--although its possible. The crew was injured in the eye.
It was a great race, although not for the faint of heart.
Don
I20 511