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It does, yeah. There used to be a band on front derailleur around there, but I’ve not seen any rust externally. Will investigate.
I suspect also the frame was fairly light tubing, and recall Soma Wolverine frames of this era were also snapping.
cmyj-
I had to drill a drain hole in the BB shell and pour some rust converter down the seat tube at some point. Also had a bit of rust forming where the seat stay splits for a belt drive. Sanded back and sprayed with a can of matte black.
The paint bubbling just below the crack on yours looks telling tbh. I probably would have peeled that back as soon as I spotted it
pascalo
That tube looks rusted AF, doesn't it?