That's a pair of lockring pliers for the lockrings on traditional cup and spindle BBs. It was used in conjunction with a pin spanner to tighten/remove the left (adjustable) cup.
I still prefer it to the hook spanners because it never slips and with a bit of touch I can turn the lockring in either direction in either direction without moving the cup, or bind them so they turn together, making fine tuning the adjustment easier.
It;s also great for track lockrings, but doesn't work so well when the sprocket overhangs the lockring.
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Last edited by FBinNY; 07-05-10 at 12:53 PM.