RedactedNarrative: Paradise Marine stated that one of their rental boats (V2) had been damaged while undertow.  According to the operator of V1 (Paradise Marine tow boat), he was notified by the operator of V2 that V2 had broken down and needed to be towed back in.  While in tow, both V1 operator and now passenger of V2 stated a red speed boat with Budwiser on the side (V3) had come within 20 to 25ft of them going the opposite direction. The wake from V3 caused V1 and V2 to crash together severely damaging V2.  V3 never slowed down or stopped.  Later V3 was located at the Treasure Isle campground boat docks but the owner could not be located.  Several hours later contact was made by phone with the owner and the owner denied any involvement in the incident.