US Coast Guard to formally investigate cause of the sinking of the tall ship off Cape Hatteras during Hurricane 'Sandy'. Rear Adm. Steven Ratti, the Coast Guard 5th District commander, has ordered a district formal investigation to determine the cause of the sinking of the Bounty, a three-masted sailing ship, 90 miles southeast of Hatteras, N.C., on 29, October, 2012. One crew member died and the search for the Bounty's missing master, 63-year-old Robin Walbridge of St. Petersburg, Fla. has been suspended.