Well that's a new one... (Seized Locknut)

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Picked up a Dec '72 Schwinn Varsity for $20. I've been tearing it apart to get at the 40 year old internals and make sure it's riding ready for a buddy of mine. First I overhauled the whole front end of the bike. That went by quickly and smoothly. OK, time to move on to the back... but I can't get at the bottom bracket--the LOCKNUT won't budge! I've attacked it with PB Blaster and brute force over the course of a week--nothing. And yes, I'm turning it the right way, though I've even tried the other way around just to make sure I'm not losing my mind. Maybe I am anyway, because I've never had this problem! What's going on? Am I missing something obvious here? Did someone put Loctite on the threads?! What can I do to get the darn thing off? I was confident I could get this bike up to spec after just a day or two of free time but Old Yeller obviously has other plans for me. :D

EDIT: I got the locknut off by combining pretty much every piece of advice in this thread. I just realized I never gave an update back when I actually freed the darn thing. I borrowed a torch, set the bike up in a work bench, and went to town with my adjustable wrench. It still took a day or two and a lot of treatments with the torch but I finally got that sucker loose.
 
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probably the cups were installed when the paint wasn't 100% dry so that's pretty much like loc-tite. Also moisture settles in the bb shell rusting things together. Can you clamp the locknut in a vise and turn the bike. usually works..
 
I agree with the heat... But use a heat gun before the blow torch..

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If you have a big wrench large enough for the locknut, secure the cranks and give it a couple taps with a hammer. A big pipe wrench may do the trick also. It should turn clockwise to loosen.
 
Thanks for the responses guys, I'm going to get my hands on a torch later this week and see if that does the trick. And yes, I know they're left-hand threads!!
 
Good luck using the heat. Get some kroil, too, if you can. Gun shops seems to carry it. I think that's the best penetrating oil available to the general public. I've yet to see a seized locknut on a set of OPCs, but it doesn't really surprise me. Someone might've put that on without lube back in like 1976, and time/neglect did the rest.... You'll get it off, though.
 
Left hand thread. Maybe that's the problem. Gary
Another thing i have done is using a flat punch(dull chisl) and a hammer, tighten the cone. It will probably toast the bottom bracket.
As was said, left hand threads, turning the nut clockwise looking at it loosens.
 
I've had them rusted on the crank and they break free with a few hits of the hammer. It's a thin lock nut is why they usually break free. The ones I've seen overtightened have been the toughest to get loose.
 
If you get a good wrench on it, use a cabinet clamp to clamp the wrench on so it can't slip off. put a block under the crank so that it can't move, they hit the wrench with a brass hammer. In other words set things up so that the only thing that can move is the lock nut, and wail away.
 
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