A total loss of engine power resulting from a catastrophic engine failure caused by a shift of the No. 2 main bearing and bearing seal, which resulted in oil starvation to the crankshaft; the reason for the bearing and bearing seal shift could not be determined due to the extent of the engine damage. Contributing to the accident was the failure of the airframe parachute system to deploy due to undetermined inconsistencies within ignition material in the rocket igniter assembly/squib.