Was that the incident that led to the "White Squall" film? That was nuts.
I'm sorry about your friend, case.
As another poster writes, the movie "white squall" was about the sinking of Albatross. Here is more information about Pride I from Wikipedia:
"" Historical incidentsThe Pride of Baltimore, a modern 137-foot (42m) schooner, was reportedly struck by a white squall on May 14, 1986. The 121-ton vessel sank about 240 miles (390 km) north of Puerto Rico, casting the surviving crew members adrift for five days. The Toro, a Norwegian freighter, picked them up at 2:30 a.m. May 19, 1986. An eyewitness of the account described it as follows:
"A tremendous whistling sound suddenly roared through the rigging and a wall of wind hit us in the back. The Pride heeled over in a matter of seconds. The 70-knot (130 km/h) wind pushed a 20-foot (6.1 m) high wall of water into the starboard side. She sank in minutes."
A white squall was allegedly behind the sinking of the schooner Albatross on May 2, 1961.
A white squall is also believed to have sunk the schooner Hunter Savidge on Lake Huron in 1899.
 In popular cultureStan Rogers wrote his 1984 song "White Squall" about the white squalls of the Great Lakes.
Ridley Scott's film White Squall tells the story behind the 1961 sinking of the Albatross. ""
There was no wreckage found from Pride I. I think she sank in water over 5000 feet deep, so any memorial with a mast is not from Pride I.
Interesting thing about Pride I is that she was on tour of the Mediterainian prior to sinking. Due to high level terrorist activity towards americans at the time, a decision was made to bring her back to the US. The Pride was owned by city of Baltimore. It was on this trip back she sunk. So trying to always reduce risk does not always work.
The original Pride I was designed as an exact replica of a Balltimore Clipper ship. These were designed to run British blockades prior to Revolutionary war. They were fast but also difficult to sail- very low free board. Originally the Pride I was to stay in the Chesapeake, but later the ship performed many ocean passages. The coast guard required the replacement Pride II to be designed to coast guard standards- much high freeboard and not really a true Baltimore clipper.
""A permanent memorial to the original Pride of Baltimore has been erected in the Inner Harbor on Rash Field. The memorial consists of the characteristic raked mast of a Baltimore Clipper along with the names of those lost in the tragedy carved into pink granite. The memorial reminds those who visit it of the precariousness of life at sea, a lesson the citizens of this great port city once knew well but had long forgotten.""