MF owner's version of the facts
"A few minutes before this photo sequence, the Falcon had turned to port, to give the right of way to the smaller yacht, which was to leeward on the starboard tack. The "Stand By" was originally on a roughly reciprocal course to that of the Falcon. Prior to the photos shown here, "Stand By" was bearing away, and the two yachts were on safe courses to pass roughly with a distance of 200 feet separation. After the "Stand By" had sailed past the Falcon's bow, the smaller vessel suddenly rounded up, possibly to tack in order to follow the Falcon, when she lost control, and with her main sheeted hard in, the smaller boat was unable to bear away to avoid a collision."
I pulled this off the post titled "bone-head moves" in this same forum. Much more info over there to save you from all of the speculation without benefit of any facts.