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This appears to be simply a crack in the finish of what is probably a cast iron fin (with the bulb/wing in lead?). Not unusual nor of any great concern. The best long term treatment for something like this is to remove the finish on the iron portion (glass beading or soda blasting to bare metal) and then immediately seal the whole thing thoroughly with an epoxy seal coat.

It's EXTREMELY unlikely that this is coming from inside the boat. If it is then all the Hunter bashing is more justified than I'd think. More likely it's moisture trapped behind the damaged finish and causing the rusting stain.

btw, ichorniy... when posting your photobucket pics, paste the IMG CODE link and the pics will be embedded in your post and we don't have to open the pictures in a separate window.
 

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This is interesting... the implication from Killing's comments seem to indicate that the "fin" portion is molded and filled with a cast billet of ballast and that the winged bulb is bolted through the works.. If so rust in that area is very strange indeed.

The other interesting aside to this is your surveyor's comment that the "hull/keel joint was sound" - if the above description is correct there is no hull/keel joint per se.

I suspect that perhaps just a part of the fin section is molded, and that there is a cast-keel-to-molded part joint part way up the "fin" - but I've been unable to find any drawings to support that idea...(so far)
 
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