I'm not trying to be a jerk either, I just don't understand. How did your player not bust out yet did not finish in 1st place?
I only see three possibilities: (1) a player busts out and is ranked 2nd, 3rd, 4th, ..., 10th, ..., etc.; (2) a player never busts out and is therefore the winner (ie 1st place); and (3) the final 2 players (or 3 or 4 or however many) decide to chop. In this case, the players may tie, or may be ranked according to chip count or some other factor. However, when you perform a chop in the TD, those players are busted out at the same time, indicating they chop. This is the only way in which a tournament may have every player busted out.
Therefore, from the TD point of view, only 1 player can remain not busted out in a tournament, and that player will be ranked 1st place.
Are you referring to the "Action Summary" on the Summary tab? Because this summary is derived from the players' buy-ins and bust-outs, so if you modified them using the Adjust Rankings dialog, then that summary will be updated as well (as a matter of fact, that summary is regenerated every time you visit the Summary tab). The only thing I can think of here, after having just attempted what I think you described, is that somehow the final bust-out was listed after the tournament was over (shouldn't be possible - I'll have to look into that), but going back to the Adjust Rankings dialog I simply manually adjusted the 2nd place player's bust-out time, moving it back a few seconds, and the Action Summary righted itself.