It is an interesting story. There are a few loose ends that aren't clear. Sailnet.com has a discussion with some quotes from various news sources. See page 4 in the sailnet thread.

The USCG didn't find him in the original very extensive search. One of the sailnet links says he gave GPS coordinates in his first mayday, but the GPS was wrong. I doubt the GPS would be that far off. I suspect it was either operator error and he misread his GPS, or else the coordinates got badly garbled over the radio. When sending a distress message, always get a read back of coordinates if at all possible!

The other big question is why he just didn't sail back after the storm was over? In the photos of the rescue the mast on the boat seems to be intact. As I write this, the sailnet thread has some possible answers from people with experience in those waters.