Joined: Jan 2008
Posts: 23,642
Likes: 1,106
From: Mans of NC & SW UT Desert
Bikes: 86 Katakura Silk, 87 Prologue X2, 88 Cimarron LE, 1975 Sekai 4000 Professional, 73 Paramount, plus more
To me, that's some serious internal rust if the steering tube is any indication. Not just the light "flash" rust you sometimes see on bikes. A quality powder coat plus decals is going to cost close to what the finished bike is worth. And it is not complete of course. Financially, its a non-starter.