It could be that the bilge pump (a small pump that pumps any accumulated water from the very bottom of the inside of the boat (called the "bilge") to the outside of the boat (in our case called "the ocean") so the boat doesn't violate the "First Law Of Boating" (Keep the Water on the OUTSIDE of the boat)) siphoned water into the boat because it failed due to mechanical reasons. It could be because the accumulated weight of snow on the boat or the wind driven swell or the wind listed the boat and pushed the outlet below the waterline. Something allowed the "ocean" to fill up the inside of our boat overwhelming the approximately 200 lbs. of Damp Rid we had on board that valiantly tried to suck up the entire ocean and failed, sending our boat to the bottom, along with Clambake, the ship's mascot.
We went to salvage what we could. There wasn't much. We fit it all into my Explorer Sport with the dinghy strapped on top.
Now we wait for the number from the insurance company, Ominous rumblings, but we'll see what they do. The course forward depends on their number.
The (for us) heartbreaking pictures are below. The smell doesn't come through the screen, fortunately.