That stem might be one of those springed "suspension" jobies that came out in the 90's. Owner seemed to have attempted everyting to come up with an upright/softer ride. Not hard to reverse if you want a more sportier set up bike, but it will take a new stem and saddle at least. The stem might need to be French diameters to match up with the existing bar and steerer tube, which will be a little bit harder to find as some (good quality) French spec items are starting to get harder to find. cosider these costs before making a final decision as the price for it isn't that big a bargain to start with.

Chombi