If this is true, this is just plain bad with a capital "B."
From the Washington Post
photo copyright AP 2010
"A South Korean naval vessel with more than 100 aboard was sinking on Friday in waters near North Korea and Seoul was investigating whether it was hit in a torpedo attack by the North, South Korean media said.
Broadcaster SBS said many South Korean sailors on the stricken vessel were feared dead.
South Korea's YTN TV network said the government was investigating whether the sinking was due to a torpedo attack by the North, and Yonhap news agency said the Seoul government had convened an emergency meeting of security-related ministers.
Yonhap also reported a South Korean navy ship firing toward an unidentified vessel to the north.
North Korea in recent weeks has said it was bolstering its defenses in response to joint South Korean-U.S. military drills that were held this month."