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"what's the story with the rear dropouts? is it a converted road frame?"
Yep, the original frame had front facing drops (the same is true for the built up example above), so I had rear facing Paul drops brazed on.
P.S - behind the word 'PAUL' are threaded holes that run rearwards, so you can screw in some thread rod to tension the rear wheel/chain, no need for chain tensioners. I have the threaded rod somewhere.
what's the story with the rear dropouts? is it a converted road frame?