Originally Posted by JohnDThompson

I got this ancient Phil bottom bracket in a very rusty Legnano Henry III gave me. There was so much rust that I literally had to hammer it out of the frame, and it fell to pieces as a result (you can see where one of the bearings rusted completely through!):

Unlike the spindle bikecult used, this one has circlips to locate the inner aspect of the bearing, as well as a shoulder machined into the sleeve.

Another option is to ream and tap the shell for Italian thread components.