Orange P7 with some XT and F7 forks down south

Twozaskars

Retro Guru
 
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No, perfectly normal way to get a stuck post out. It's only a problem if you take a blowtorch to a heat treated frame (like 753 or a -T6 aluminium)
 
I think it's worth the £50 start. Most of the components look bin-able, although the stem looks original and the shifters look XT (739?) and like the Swiss flag, the F7 fork is a big plus
 
Looks actually pretty decent. There is far less rust bubbling through the nickel than most, the clear coating needs to be stripped almost always anyway which should solve the charring. The non-original seatpost is also a bit of a giveaway that it's had issues.

Bin the horrid chainset, a few sympathetic bits to swap and job's a good 'un.
 

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