Sudden loss of ALL! oil pressure

[Mustang_driver_89]

past sunday at the track i let my supervisor drive my car. he has a 2002 Gt and runs 13.6's i figured he knew how to drive....
after he made a pass, i heard valvetrain clattering. then TO MY HORROR the oil pressure was crapped OUT! my engine only has 5000 miles on it and i still owe $2000 on the rebuild. do you think I am $h** out of luck???? it ran for about 20 seconds w/out oil pressure. please help me!!!!! i dont care about whats wrong i just want to know if you think i could smoke new bearings an a matter of seconds at idle. ( i drained my oil and didn't see any large metal filings but were some very small sparkles in it) almost too small to see. i had to check like 4 times to be sure.