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A good story especially this part not wanting to hound people (including your friend) about a very cool childhood bike that you desire.
That says volumes about your character.
As for the bike (which is awesome) two questions. What is the serial number of the frame?
And the hubs look to be what I will call first gen Bullseye hubs? And if Bullseye a followup question, it seems the bmx community is not so fond of bullseye due to currently made and/or re pop production (without thru bolts). So are the first gen considered cool/high end quality? In 1979 I always belived they were as good as it got for sealed bearing hubs, since many high end roadies of the period used Bullseye hubs, pulleys etc.
The stem is listed as a "Beavers Custom with an OMAS bolt". Which I believe to be an accurate description. As in a Beavers Bicycle and/or McConnell Racing (after Bruce McConnell) owner of Beavers at the time.
I recall seeing said stems in the shop. They were making a some trick parts. This was the period (late 79 to 1980) when McConnell Racing was a start up (my words, not theirs) out of the Beavers Bicycle (in Tarzana, CA) shop.
I am looking at a Beavers shop advertisement with quite a few interesting tid bits listed. One of which states "McConnell Racing will be coming out with a new stem that weighs only 7.5 ounces". Interesting is that the advert I have states at the top that Mark Pippin was the author of the ad. Which makes sense as he was a mainstay at Beavers since the days of John Beaver right up to when it ended with Mark Yarger owning the Beavers name (I think) and taking the shop to the mid west (to be verified). Pippin was a good guy.
McConnell was also a good guy and always looking for what was the next trick item.
I have two printed and official Beavers/McConnell adverts that I obtained from Beavers at or near the end of that shop call it late 1980 early 81 I think.
When I get to a scanner I will send it to the site.