25-30,000 tons of a ship lifted in the air and then suddenly dropped into the water, I would imagine, would produce a massive wave. However, there are no reports of rough sea conditions or waves during the whole course of the sinking (besides water on the deck). I've put into the consideration of a progressive breakup, but it just doesn't add up, considering that the ship was at a 23 degree angle at around 200 feet in the sky. In my opinion, once a structure starts to fail, the entire thing fails. Using James Cameron's analogy, I also like to compare it to like the roof of a house caught up in a wind storm. At first, an edge snags, and then suddenly, the whole structure is demolished. I am certain that the wave was nothing as portrayed as in his film, but certainly something similar to this must have occured. A few boats stayed pretty close near by after and during the final moments, so I don't see why there aren't accounts of rocking lifeboats.