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It's the first Conejo bike, made of steel. They even made a ti version. In particular, this is the "passive suspension" model. The active stuspension version looked lika a Hecler. A beauty, and very rare.
Really cool bikes BITD, I always wanted one, whenever I saw a picture of them they were always blinged up with multicoloured goodness. They also felt a bit 'underground' being a small maker.
I remember reading somewhere that they weren't so reliable though (hence the cracked hanger?)