The one true panic situation that I saw I wasn't directly involved in. I had a diver who was having a hard time that week with his bouancy, but seemed like he was getting it together after about three days of diving. I remember seeing him at about 60' and thinking to myself how he looked pretty good that dive, nice and relaxed. Not even three minutes later as I was slowly coming up over the edge of the reef I turn around and see his wife being drug to the surface by what I thought was a snorkeler. Here I am thinking what the $^%& is a snorkeler doing dragging a diver to the surface...very fast. I had four other divers and they were all right in front of me in 30 feet or so, so I make towards the surface and signal the couple that saw me right away to stay put because I knew I would go up a little faster than they needed to. I was really worried about the lady I saw drug up and didnt even realize her husband was gone too. I get to the surface and he was already in the boat, out of his gear totally. What had happened is thought he had lost all his weight at about forty feet. Really what he did was hit the wrong button and inflated....panicked....ripped his bc off....swam to his wife (she estimated at least 20')....got her air, but was hyperventilating so bad he could do nothing but swim for the surface and drag her with him. The boat capt said he saw the guy's gear breach the surface before they surfaced. The bc (big zeagle with a 60lb lift) was fully inflated and had all the weights still in it.
Luckily we were close to shore, so rather than climb in with divers still down to put them on O2 (not having any idea what happened on the way up) I sent them to the dock less than five minutes away to be put on oxygen and had the capt call another boat out for us, went down and brought the group back up.
Luckily, they were both fine. The guy had some slight symptoms like a headache later that day and was checked out at the local chamber. He was advised to not dive for a day or two. Things do happen fast down there sometimes.