Before pushing the panic button, why not do a little more testing?
Hook up the trailer to your tow vehicle, make sure the battery in the trailer is fully charged, pull the breakaway cable out, and attempt to move the trailer with the tow vehicle.
If it still moves relatively easily, next (after plugging in the breakaway cable) lift one side of the trailer so the tires are off the ground. Pull the breakaway cable again, and attempt to rotate the tires by hand. If you can, check to see if they are getting power, and have ground. Next, adjust the brakes so the shoes barely touch the drums when rotating the tires. Re-test braking power using the breakaway switch. If it's now good, do the same thing on the other side.
After you've done this, try the pull and drag test again, then tow the trailer, and try the trailer brakes on the street.
If everything on the trailer works properly, look at the tow vehicle as a potential culprit.
I can tell you the 12" brakes on your
Sovereign are more than enough to stop both trailer and truck.