Joined: Jan 2010
Posts: 9,797
Likes: 1,763
From: Northern California
Bikes: Cheltenham-Pedersen racer, Boulder F/S Paris-Roubaix, Varsity racer, '52 Christophe, '62 Continental, '92 Merckx, '75 Limongi, '76 Presto, '72 Gitane SC, '71 Schwinn SS, etc.
Nothing too serious here.
The frame's dropout AND the derailer cage both look bent to my eye, but is this causing any noticable problem?
I would be careful about applying too much force and over-doing it, but since this is a friction-shift derailer, I would gently twist the cage back toward a more-normal angle using my gloved hands and call it a day after re-adjusting the derailer's limit screws and re-torquing the mounting bolt and pulley bolts.
PS, don't over-tighten the cage pivot bolt. I've seen the bolt strip the threads in the pulley cage plate on this series of Shimano derailers.