The rocky outcrop on which ShockWave V was smashed to pieces has been nicknamed Cinderella Rock, after a yachting accident that occurred almost 20 years ago.
The accident, when the 11.2m vessel Cinderella ran aground on September 22, 1991, may provide some clues as to how maxi-yacht ShockWave V was destroyed on Saturday, resulting in the deaths of skipper Andrew Short and navigator Sally Gordon, and the rescue of 16 crew members.
SLIDESHOW: Two killed in yacht race crash
How the dramatic rescue unfolded
Andrew Short delivered letter to teen sailor Jessica Watson Andrew Short threw torch to son Wollongong Yacht Club member Phil Ring was competing in a race with the club, using Flinders Islet as a marker, when he struck problems and ran aground.
"It was one of our normal Sunday races and, just like these guys, we were making Flinders Islet a rounding mark."
Mr Ring, 64, of Wollongong, said his yacht rounded the islet in an anti-clockwise direction and had almost cleared it when trouble struck.
"There just wasn't enough wind for us to continue sailing. We decided we were getting too close to the island because the swell was pushing us closer. We then tacked to head east, further out to sea.
"As we completed the tack, a bigger set came in and that lifted us back, towards the island and we hit a rock there and the boat actually stood on top of the rock.
"The guys in the race said they could see our keel and everything."
Mr Ring said that as soon as the wave passed, he switched on the motor.
"But another wave came through ... our rudder hit those rocks and the rudder shaft was bent. Then when we motored we were doing a big circle because the rudder was stuck.
"... So we were heading straight back towards the island. We had to cut the motor and cry for help."
A fellow competitor came to the rescue, throwing the stricken vessel a line and towing it back to Wollongong Harbour.
"As a result of all this, we named it Cinderella Rock. It was on the same spot, on the north-east corner of the islet."
Mr Ring said that until an enquiry was concluded, speculation on what happened to ShockWave V was "just suppositions".
"Possibly they found they were on the wrong side of the island and then tried to round it," he said.
The salvage of ShockWave V was delayed again yesterday due to the complex nature of the project.
Detective Superintendent Mark Hutchings from Marine Area Command said the yacht crashed in a dangerous place and retrieval could take weeks.
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