[Caymanboy]

Not for nothin, but, usually if the engine stays submerered you can salvage it,(it,s once it hits the air it starts to deterorate) probably need to replace all the electrical, but the block and everything else should be fine. Just a matter as to whether is is financially better to just get a newer one.
Once you get the boat to the surface, upside down, tie a line to the bow tow ring, then in a strong boat tow the sunken boat backwards, as fast as it is safe, the bow will come up, roll over the transom, keep going, then the water will run out of the stern, tow this way till you can safely stop and pump out the rest, seen this done a couple of times.
Any single acident is never the result of one incident, it is the result of many different incidents resulting in a castastrophy.
Glad everyone is safe, use a Ultra Safety Systems bilge switch next time, you won't need to sue them