Seeing we are in the spirit of ticking off the big expense items at the moment we have decided go ahead and have the standing rig and chainplates replaced.
We have the mast out and the chain plates off the boat at the moment. Hearing stories of people's drama with the knees I have been poking about in the holes where the chain plates were bolted through. I have found all of the (ply ?) wood core to be sound apart from the lowest hole on the cap shroud chainplate attachment. In this i have found a small amount of the black rot watery goo :(
From the initial inspection it does not appear to go much deeper than about 3cm into the plywood core. I am thinking that we can gouge it out and then fill the hole left from the rot with penetrating epoxy and re-drill the hole.
Has anyone done this before ?
Would anyone recommend this approach or perhaps another ?
Thanks,
Ben
Thanks for coming back to me. This is what they looked like before. It looks original. I'm not sure though. They are glassed in thick and the chain plates are bolted through the knees.
3cm is the depth I believe the rot extends from the edge of the hole outward.
It is very solid and thick glass surrounding it.

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@ Billy - I was thinking the same thing. They look quite well reinforced and there is signs of over glassing on some of the plywood that supports the white wooden liner. Also there is a triangle of wood cut from the bulkhead in the saloon and then covered with a removable teak trim. (not sure if original) I am still a little concerned about what would happen if the rot spreads. If the ply was just there to form up the shape, i guess the penetrating epoxy and the insert of a spacer like you install under a bushing ( http://autofab.com/images/F53535747.jpg ) may do the trick.
@ Rob - I would be my left one that that is where the water has come from and totally agree with you. We still have the teak decks in place and i was considering putting some raised blocks around the chain plates and other bits of hardware at a later date, about the same time we re caulk the teak. Thanks for sharing the designs.
@ Ernie - I have heard of the wonders of Butyl tape, yet to use it on anything of importance yet. Were your plates of the same design as Rob's ?
@ Rick - This is exactly what my worst case scenario plans look like in my head. Thanks for providing it in detail. I am working full time and am dreading paying for the operation. How long did it take you to complete ? Just to confirm - IMG_127 is the before photo of this procedure. This is pretty much what knees looked like, perhaps a little thinner.
Thanks,
Ben