Join Date: Mar 2009
Location: Kingwood, TX
Bikes: 1985 Cannondale SR300, 1985 Cannondale ST400, 1984 Trek 760, 1984 Trek 610, 1984 Trek 720, 1981 Trek 710, 1979 Trek 710, Gary Littlejohn Cruiser, BMX
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The pivot bolt assembly is to tight (most likely) and or the spring has been bent/compressed and doesn't have enough spring to return the calipers (least likely).
Just need to adjust the pivot bolt so that the calipers have a slight, slight, slight resistance (did I say slight...) when moving. The washers between the arms should be lubed also (I use a thin film of grease when I pull them apart and put them back together). Als use a little bit of grease on the spring arm where they seat in the caliper arm.