Apologies for the thread necromancy.
I was just sent a video of this mishap.
The tag was "liveleak" which I think is where it's currently posted.
It took me a while for me to figure out what aircraft it was, and what year ... I then figured I'd see what the PPRuNe Rotorheads thought about it.
The maneuver appears to be an attempt at a loop. That may be a limitation of single perspective/zoom of the person holding the camera. I'll try to see if there are other perspective clips to understand what was alleged as the maneuver being flown before they ran out of altitude.
The grainy film from the Italian site makes it difficult to see what it is he was doing.
Very sad to see one of the brotherhood lost to this, but grateful that two got out alive.