I've heard of boats taking on water for a variety of reasons. Some of the air vents on certain models allow water to be come in after stopping, sometimes the exhaust bellows is aged, and that will sink the boat as well. I didn't see where they found the cause, my guess would be the bellows, that's a lot of water coming in quickly.
Many boats have thru-hull exhausts, from old Chris Crafts to some bowriders and cruisers. Whether a boat has switchable exhaust or not has no bearing on the above reference.
The boat in question was an express cruiser, and they were fishing. Due to this fact, I wondered whether they had anchored from the stern.. Not a wise thing to do in any boat. But All 7 people were wearing PFD's, probably a good thing.
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