So I don't have a photo, but it looks exactly like this Schwinn bike(except without the words Schwinn of course):
It has the words "DERBY" on the badge under the handlebars. There is a little picture of a jockey riding a horse, and under that it says made in W. Germany.
It is in good condition, with a nice black paint job, the only thing that looks off is the back breaks, and of course it has 30 years worth of dust.
So does anyone know anything about it? I can't find any info online about Derby bikes from this era.