Oh no this make more sense than I care to admit. So what do I tell my friend.
The boat sank and absorbed moisture throughout the core. Every winter it will freeze and delaminate a little bit more.
So effectively this boat is effectively ruined as far as reliable structural integrety goes. Coastal sail for a few years until the inevitable delamination makes the whole thing too springy even for that.
This is worse than the normal rot around the chainplates and bow plupit because you can, with a great deal of labor, cut out the glass, replace the wood and reglue the glass. But in this case the damage is anywhere and everywhere. A sunk boat is for all practical purposes a dead boat.
Did I get this right.