So, from what I can tell - he was on the surface (?) with his buddy, trying to clip on a bailout tank. I guess he then became unconscious which caused him to lose the loop with the DSV open and flood the unit, making it negative, right? Hard to tell for sure from the report, but if that's the case, that rules out hyperoxia. So the loss of consciousness could have been from:
1) Hypercapnea - implies an exhausted or improperly packed or installed scrubber, or a failed mushroom valve.
2) Hypoxia - O2 shut off or otherwise not feeding the loop.
3) Medical event at the surface
1 seems more likely, especially since there is no way of monitoring CO2 concentration in the loop.
2 seems less likely for an experienced CCR diver. Not that there couldn't be a problem with O2 supply, but you would think that he would have seen the PO2 dropping on the controller and/or HUD.
3 is always brought up when we want to minimize the apparent risk of the sport, and I guess it's possible that he just happened to have a stroke or a deadly cardiac arrhythmia at the moment he splashed, but that seems statistically less likely.
Will be following this one closely for updates. Sad.