If you get caught up in a rather long battle with multiple parties more often than not it is impossible to gather the loot from sunk ships since the loot will sink after a while.
Why does the loot not stay afloat for longer? What does it matter if it keeps floating, even for an hour?
An example:
We were fighting a brig when a sloop joined the battle. We managed to sink the brig shortly after and all the loot ended up in the water. Now we are focusing the sloop. We also manage to sink this one but in the meantime the brig has returned (they did not spawn too far off). We manage to sink the brig again and win the battle. Sadly by this time all the loot has sunk and we don't get rewarded for our victory with some sweet booty.
