This question really applies to any steel bike frame, but I'm asking here because it's a Serotta.
The bike in question is a 1990 Colorado with Nivachrome (sp?). All of the rust is internal, especially inside the BB where it's flaking. No signs of rust outside.
My question is... is there any hope of salvaging the frame? Have it checked out by someone and possibly prep it inside and out and repaint? It's either that or trash it, and that concept seems pretty radical to me at the moment, but I'm starting to question how safe it is to ride.
Any thoughts/ suggestions?

...Any thoughts/ suggestions?

What did Serotta say when you called them? Seems like they would be most qualified to answer your questions, at least more so than Ghostbusters.

Serotta won't repair/ refurbish frames unless they can make them in like new condition. Not possible with this frame at this point in time.

I didn't call Ghostbusters. I don't think they deal in bicycle frames.

I'd think if the rust hasn't gone to far it could be restored. Any auto restorer who can dip panels should be able to dip the frame and remote the rust. Then it should be a simple matter to prep it inside and out and paint it. I guess the only real question is how much metal would have to be removed to get rid of all the rust. Weighing before and after should allow somebody (not me) to calculate if too much has been removed to make it a safe ride.