I think that's what my original Bottecchia looked like after the altercation with the tow truck. That's not good. Pretty serious damage. The most immediate effect is to dramatically change the head tube angle making it much steeper than designed and probably making the steering twitchy if not downright unstable at speed. Longer term, it's harder to say. Steel is tough stuff but has it's limits. I'm no expert but aside from dangerous handling, catostrophic failure leading to serious injury seems possible. Seriously, I wouldn't ride it.