I have a story like that, but with a Stella 20000 and the fish had yet to be hooked.
We were sharking about 50 miles south of RI with a full spread of 4 rods in holders, 2 in "outrodder" holders that hold the rods parallel to the water. there were safety lines on 3, but the mate had just been repositioning the bait on the last rod, so the drag was slightly tighter than normal.
all of a sudden we get a strike on one of the other rods, it seemed like a big fish, and seconds later, the un-hooked rod gets hit too. It flies out of the holder and we all get to watch its bubble trail as it streaks away.
We were almost able to save it as we use balloons for floats, and the shark didn't dive, so we slacked off on the other fish and chased after the lost rod, following the yellow balloon as it streaks away. But, RIGHT as we get within gaff range of the line, the shark dives and the balloon pops.
There's 1000 down the drain.
However, the shark stayed hooked to the other rod, and turned out to be about a 14' Blue Shark estimated at 500lbs!! This was a fish that would have broken the RI state record by 70lbs!!