<VV> Broken Ring?

[Brian]

During the recent NECC Time Trials at Lime Rock, I and everyone at the track saw that my newly built engine was pushing oil out of the dip stick and crankcase vent.    I was slightly puzzled but not really worried because I had added a quart of oil just before I went out on the track.  I thought I had miscounted and added too much oil.  The engine hadn't’t done it at BeaveRun so I thought that things were OK.  It wasn't’t!
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Last night, as I drained the oil in preparation for cleaning the car for this weekend’s Mall Show, I saw pieces of metal on the magnetic drain plug.  Not good!  A compression check showed 150+ lbs in all but number 4 cylinder.  The most I could get there was 90 lbs.   I suspect a broken ring on that piston.
 
My question is how does pieces of a broken compression ring work down to the oil pan?  Any comments?