This description has so many inconsistencies that makes a potential buyer worry. For starters:
a. at the Waterford Restoration web page
http://waterfordbikes.com/now/home.p...e=randrCollect the company itself stated about painting frames:
If it is historically important and in decent condition, then new paint may actually reduce its value..
(the seller claims that it was restored by Waterford - with no receipt, btw - so I would assume that either a. Waterford did not paint that bike or b. the frame was not in "decent condition" or c. someones is making a story)
b. the seller claims this:
Waterford Cycles, who made the last real Paramounts for Schwinn as the Paramount Design Group in the early 80s . Here is the connection between Paramount and Waterford per the Waterford web site and who produced those last "real" Paramounts. Website:
http://www.waterfordbikes.com/2005/d...ory/pdgnew.php
When Ed Schwinn took over the company in 1979, one of the first things he did was to shut down Paramount production. [...] By 1981, enough demand had built up to justify bigger plans. Marc got the go-ahead to build a factory which, after a considerable search, landed in Waterford, Wisconsin [...] When Schwinn was sold in 1993, a group of Schwinn employees bought the factory and started Waterford Precision Cycles (that's, of course, another story). Waterford continued to build Paramounts pretty much as before the sale though the end of the 1993 model year. In 1994, Schwinn contracted with Waterford to build Paramounts - both for stock and on a custom basis.
So if the real paramounts (including the one for sale) were stopped being made in Chicago in 1980, the Paramounts that Waterford made were not "real" also some Schwinn employees (who actually had nothing to do with Paramount 
) bought the factory and started Waterford that as Waterford made Paramounts for one single year... Connection overstated by the seller. And actually I doubt that there are any bodies left in the Waterford factory who made bikes of the second (or third -waterford-made paramounts) generation (PDG) of Paramounts. Of course, very few people who work on that bike restoration were probably even born when that bike was made in Chicago...
c. This is a good one. Seller says: "Buyer to pay actual shipping plus $25 for professional packing. I wrap frames in pipe insulation to prevent damage"
Still a good deal at $1000?
edit: through the listing and the link to the seller's flickr site, it is apparent that the seller works at Elliott Bay.
Draw your own conclusions. Here is the link:
http://www.flickr.com/photos/8379107...7606377598435/
(some great looking bikes, btw, including at least 8 Paramounts
)