Originally Posted by
GrayJay
Water probably entered through a vent hole in the SS, then bike was hung upside down for extended amount of time and rusted internally. ....
Ahh, thank you. I knew it looked like frozen water damage, but I was confused at that area. Hadn't even thought of hanging upside down.
It's an early '50s Paramount track frame, so it is probably *worth* being repaired. Although it's also probably *worth* getting a full Waterford restoration.