For a moment, I thought that yellow Paramount with the red top tube decal and all-chrome fork popped up again.

Nope, he's referencing to this guy:
http://cgi.ebay.com/VINTAGE-1972-SCH...QQcmdZViewItem

Looks like a pre-'79 Paramount that was victim of a 1980's repaint job during the PDG era (maybe done by Schwinn, maybe independent. The chrome chainstay/BB meet isn't too well finished at the back). I've seen quite a few of the Nervex-lugged frames that ended up getting this treatment when repainted in the '80s or early '90s. Some of them are rather interesting - makes you wonder what the Paramount would have looked like if they retained the Nervex lugs straight to the end.

That said, there is no mistaking this for a Paramount (despite the new top tube cable braze-ons and pump peg on the headtube - gather they were later additions during the repaint). I don't know of another manufacturer that used Nervex head and seat lugs paired with a Prugnat BB shell (carry over from when the plain-lug models were dropped in 1971, earlier models prior to the "plain" era had Nervex BB's).

I'm curious to see just how much this thing will bring due to the rust (the dropouts more then that spot under the headlugs), and that awful Centurion-inspired, bubble-gum-licorice paint job. Highly recommended for the individual who eats too many sweets - this frame will easily spoil your desire for them.

-Kurt