Southland, yes Coral Sea did have a AC 560E, VH-Caw up there, it's now operating in a training role at Kyneton.
Lefty, yes , Coral Sea did have a Shrike that went for a swim and sunk the company, refer ATSB site for details.
It's a tough world out there and in the end it's survival of the fittest, luck does not enter into the equation.