Actually you WERE hove to when the sail slugs let go. You had a back winded jib. I would have cleated the jib at that point and lashed the helm down. Then you can drop the main in the partial lee of the back winded jib and maintained directional control throughout. BTW. in this case lazy jacks would have been more of a problem than help. the top of the main would have gone over the side of them and they would prevent getting the sail all the way down. I have EZ-jax on my boat which allows me to lower them to the deck so if this happened to me I would still have a way to lower the main.I second Mr. Hoisington's suggestion of heaving to.
BTW, what was the wind speed. It didn't seem very windy to me.
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