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Indeed. They were already goners a good few seconds before the nose dropped.
The stuff about Lt. Col. Holland is interesting, but the incident as a whole is more informative on the topic of managing competence, and correcting poor performance. This accident was the result of serial management failures to address the problems with Holland that were well known to those around him.
Potentially already too late when they entered that super-tight turn, as engines not spooled up, not enough power and started losing airspeed immediately