The frame is straight and it's actually pretty solid. I think the paint is mostly just burnt from sitting in the sun. It could be saved if someone really wanted to. But im pulling the E50 off and scrapping the rest.
I will be tossing it in the scrap pile at work on Monday. If anyone wants it for some reason, it's free. I'm located in Oklahoma. Maybe weld a top tube on it and make a Magnum clone? Maybe replace a rusted bent frame on your bike? I don't know.