Thank you for your time to write back.
We hauled the boat out.
The leg is at the mechanic and we'll see if we'll change only the gear or we'll change the upper section of the leg.
Update.
We hauled the boat out of the water and checked out the leg!
The gear is completely shear off! It's unbelievable! You can't see any gear teeth left!
The previous owner had a mechanic to change the bolt joint and of course is connected with the gear right after.
Probably, the mechanic...
I have a boat with two Mercruiser 5.0L with Alpha One legs.
The one leg lost all the oil from the reservoir. Exactly at the same time the engine oil pressure gauge went down to zero and temperature from the normal 150 went up to 200 (250 is the maximum on the gauge). The engine alarme went off...