That's a great name, and Mermaid on the back. Congrats!
My father's boat (Formula 400SS) was nearly sunk a few weeks ago. Someone went WOT on the throttle and supposedly it stuck, ramming my father's boat in its dock and splitting the hydro-hoist it was sitting on apart. When the hydro-hoist sank the boat started taking on water fast. The port outboard was nearly sheered clean off.
With the bilges running along with the help of another heavy duty one, it floated long enough for 2 crane boats to get there and drag it to the marina for repairs. Considering how big the hole was I'm shocked it didn't sink.