Talking with a friend that flies corporate commercial stuff like this aircraft.
Low ceiling, attempting VFR, pilot possibly not used to flying that aircraft and its warts (big commercials were his norm 737/757/767 etc.), put in a dirty configuration that (Friend said about the 550 on one engine, turd with an anchor) didn't have the thrust/power to maintain airspeed (drag), tight turn, unstable approach. Stalled the aircraft. Really rough deal.
ANC Aviate (attitude/airspeed/altitude), navigate, communicate. They had plenty of airspeed/ground speed according to flight data. Altitude, 4K+ when turning to come back. Altitude is your friend here if flight controls are stable and responsive. Stay high, burn off fuel, figure out your escape, declare an emergency to Charlotte and head there where IFR, long strip when landing using a non ideal configuration is the better choice. They flew 7 minutes back to the Statesville airport, it would have been about 10 minutes to Charlotte. They appeared to have altitude and control of the aircraft.
Why that front baggage area, if the root issue when they took off, doesn't have a safety net to contain any items within the hold. Like a drivers net on a cup car. Lose the door, and contents still stay in the hold. No loose stuff that can go through the net. Only larger items. Bag full of trinkets, no go. Not the first time one of those doors on a 550 became unsecured.
Greg was a cool guy and helped a lot of people in and out of racing. Legendary stuff with the Hurricane relief. Horrible deal for all that passed RIP