Prop Strut Vertical Movement (First 42)

[Chris F]

We have a First 42 that was recently hauled for the first time in at least a few years.  All-in-all the hull is in good shape, save for approximately 1/4" vertical movement in the prop strut.   The strut has no lateral or fore-to-aft movement, it is only loose vertically.  The cutless bearing appears to be okay and the shaft spins fairly well.  We only purchased the boat last July and the previous owner has sadly since passed, so we've no idea how long it's been like this. 

We are at a bit of a loss on what to do next.   We've been inside the aft lazarette and found the interior portion of the strut.  It is shaped like a "+" and completely glassed over, no signs of a bolts.  On the exterior, we removed the bottom paint and some fairing compound in search of vertical bolts for a p-bracket.  We found no sign of bolts.  

Frankly, as new owners, we don't really understand how this strut is installed, never mind how it is broken or what to do to fix it.   Our yard has suggested they simply wrap it in a bunch of glass from the outside and hope that stops the vertical movement. 

Are there any other owners who've tackled a similar problem?  Any suggestions on the yard's solution?  We are open to exploring all options.

Thanks,

Chris