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Quite a lot of blistering under the paint on all the tubes, where the rust has broken through the paint, the tubes/rust is quite flaky and dusty and the tubes feel very thin, almost like you could push a screwdriver through without much pressure. Haven't had the bb out, but looking down the seattube I would say yes. I don't want to give it him back and say try it, see how you go, I wouldn't ride it, so up on his garage wall it will go.
jontea
Bike looks OK in the pic, is it the area around the bottom bracket that's rusted?