I have three. The nicer ones came at least in "HLE" tubing or better, and had forged dropouts. One of mine is HLE, and the other two carbolite. None of them are really bad, but my lowest has steel wheels and is pretty heavy. Not ContiVarsillegiate heavy, but not light at all. Did it have rainbow stripes in shades of
yellow/orange tones, and chromed forks/drops? If it was, you should've snagged it.

My HLE Ph-10le. I love it!! Cost me $9 at a thrift store without a clue