Um, yeah, the campy parts alone were a steal... I've seen this bike; the salsa stem is worth a couple bucks, the campy record hubs are in decent sellable condition and the campy cranks & BB appear to be in good shape too. The calipers themselves could fetch a penny too. You could easily recover more than you paid for it, just by breaking it down. Easily. Sheldon Brown has a few notes on Atalas and he appears to like them for track bikes over road. I get the feeling it's like an Italian Schwinn with nicer components. I don't recall if there's a steel sitcker on the seat tube, but if that sticker on the seat tube talks about the steel, a photo of that might give good clues as to the overall quality of the frame.

The previous owner was an idiot, but I don't remember the dropouts being mangled... I think they're in tact. He did, however, setup as a fixed gear with a suicide hub with no loctite or even a BB lockring... thankfully he left the brakes on. The cog was held on by 2 threads because he was too lazy to respace the rear hub and instead used spacers on the hub threads to try to move the cog over. It was a deathtrap!