Vessel was operating on lake, between thunder storms.  Operator changed normal route away from shoreline to avoid storm and engine stalled.  Before subject was able to get engine restarted,  the vessel turned sideways in the waves and a significant wave filled vessel with water.  Vessel began to sink and occupants abandoned.  With vessel partially sunk, subject tried to retrieve life-jackets.  When subject opened hatch, vessel immediately sank below the surface.  Some contents of vessel floated to surface.  Subject was able to find "phone" among the debris and called for assistance.
PIERSON