I dropped a "Jig Stick" (fishing rod) years ago when I was fishing Barracuda in the backside of Catalina Island. Barracudas have a very thick slime coat, very messy. Anyway, after taking out the 'Cuda from my lure (Tady 45), I tried to launch the lure again, and the entire setup which cost me close to $500.00 (Custom made Rod and Reel), slipped out of my hands, and saw a glimpse of it sinking to the bottom of the ocean. I would've jumped after it, but it was an area frequented by great whites.
I think the man thought that his fishing rod was worth more than the risks involved. Pity that he passed away.