I saw this on RBR, too. Not so sure about the opinion that it's French (specifically Stella). The seatlug binder looks a little too fancy for a production bike, and the metalwork looks better in general than most French bikes. Any idea what the bb threads (marked on the cups) and seatpost diameter (on the back side of the post at the top, assuming it's Campy) are? If the BB is 35x1 and the post is 26.4 or 26.6, then it's definitely French/Swiss. Or Spanish (but the metalwork is WAY too nice for that). British would be 1.37x24 and 27.2, most likely. The other thing is, what size allen wrench does the seatlug binder take? If it's metric (probably 5mm), it could be any nationality. Older Brit and US-made bikes used imperial (fractional-inch) bolts. My Eisentraut Limited took a 3/16 allen, and my Mercian was 7/32.

Now that I think about it, it DOES look an awful lot like an old Mercian: that brazed-on seatlug binder is pretty much identical to the setup on my old bike. Can't find any pics of one with semi-wrap seatstays like that, tho'... Interesting puzzle.

SP
Bend, OR