I must admit that I really enjoyed that thread a lot back then and in re-reading it today. I truly miss having Jack (Whoosh) around here. He is an extremely experienced sailor who could clearly explain his ideas making for wonderful exchanges of ideas that was a lesson in gentility and intelligent sailing to all that read his posts.
With regards to the Cape Fear 38, I am very anxious to hear what they find when they examine the wreckage. There are all kinds of reasons that boats lose keels; some are design issues, some are build quality issues and some are the result of intentional or unintentional (electrolysis, groundings, bolts loosened and not tightened, etc) changes to the boat.
What I recall that I saw on the early boats looked like very high quality glass work and a seemingly well designed, hand laid up structural grid. I would be hesitant to even venture a guess at what happened here without hearing more about what happened.