On March 3, 1999, about 1100 eastern standard time, a Piper PA-32-260, N4802S, registered to J. Franklin Corporation, ditched in the Atlantic Ocean, during a forced landing while on a Title 14 CFR Part 91 business flight. Visual meteorological conditions were reported, and no flight plan was filed. The airplane sank in 8,000 feet of water, and is presumed to be destroyed. The commercial-rated pilot reported no injuries. The flight had originated at 1030, from Cat Island, Bahamas, en route to Nassau, Bahamas. The flight was cruising at 4,500 feet, and was about 20 minutes into the flight, when the pilot reported the engine oil temperature rose rapidly to the red line. About 14 minutes later the oil pressure dropped, the engine ran rough, and the pilot could not maintain altitude. He radioed his position on a frequency of 121.5, 60 DME (distance measuring equipment), off the Nassau VOR 120-degree radial. He elected to ditch near a boat. About 50 feet above the water the propeller stopped, and he glided as close to the boat as he could. The airplane sank and the pilot was picked up from the water, by the occupants of the boat. The airplane was not recovered from the ocean and the cause of the engine failure was not determined.