It’s probably a total loss and the insurance company will auction it off if they take ownership and don’t deny the claim for some reason. Whoever buys it can part it out or try to make it seaworthy again.
Edit: chainsaw from Irons post sounds familiar. I stand by my total loss statement.
Swim away from the boat, so as to avoid the propeller, and although television shows like Mythbusters busted the whole ship pulling you under myth, it has been reported to take place from actual survivors.
That’s for a ship, not a boat, which is too small to generate suction. You stay with the boat because a sinking boat is safer than in the water (boats don’t carry liferafts) and it’s easier for rescuers to find you.
I listened to the real Jordan Belfort speak recently and he had nothing but bad things to say about that yacht. He hated it and was happy to see it sink.
Here’s another link from a Coast Guard dude about a boat you know isn’t saveable. Nothing about staying on the sinking boat.
The impact with the unseen object has pushed the rudder through the hullThe gaping wound can’t be staunched. If you haven’t already, put on that life jacket. You’re about to enter the water with whatever you can grab in the cockpit on your way off the transom. “Once you’re in the water, the first thing you do is inventory,” says Hathaway. “Collect your people. Gather together everyone and everything you can reach. Put on your life jackets, if you haven’t already.” At this point, your job is to do everything possible to make it easier for the Coast Guard to find you, regardless of whether they have a position to start with. The techniques can be broken down into visual, audible, and electronic.