You guys were very lucky. I'm glad you made it back safely.
I was researching a ditch bag yesterday and came across this video of a product called stay afloat. It wouldn't of helped you guys but it might help one of the readers. It looks like the wax that is used for the wax ring for toilet installations.
Just saw it in another thread posted by Fishoholic:
http://www.striped-bass.com/Stripert...ditch-bag.html