Calif Bill wrote:
http://www.katu.com/news/4386841.html

Chucks region.

Glad they're OK.

Obviously purchased without a sea trial or survey prior to writing the
check.

This is a classic case of exactly why everybody stresses that a survey
is so important prior to finalizing a deal. In my personal opinion,
allowing a "shakedown cruise" doesn't cut it.
Most people will not be lucky enough or expert enought to find things
that a surveyor would note.

Wooden hulls that sit for extended periods of time can be a problem
when getting underway.
The planks can dry out and separate, and as the boat is driving through
the water the bow wave washes through the gaps above the customary, at
rest waterline. As this boat went down at the bow, I wouldn't be
surprised to discover that was the case here. Could be something else,
but that's my first guess based on knowing nothing more than the age
and circumstances of the boat.