Hi Steve and she-who-remains-unnamed-but-brings-some-happiness-to-poor-Steve (with the emphasis on poor), We've had 20 years of enjoyment out of our M-15. Looks like yours was the 52nd one built, mine was the 77th. Best wishes to you both. On mine, there was a thin spot in the fiberglass on the stern side of the housing through which the centerboard line runs. It wasn't hard to patch - just awkward. Hopefully, that's the extent of the "leak". Try whats-her-name's mirror to get a look at the backside of the trunk while running water through the drain. If it isn't that (can't imagine the original owner let it go this long) it may be the result of the hatch boards not doing a great job of keeping water out if the bow is level or lower than the stern. Maybe the water is just rainwater. The water under the potty must have come from inside if there are no patches on the hull. My inner liner was very "tender" in that area and tended to crack when stepped on. I build a lightweight wooden floor to cover the depression when the potty isn't aboard, covered it with carpeting, and haven't had any problems since. Also cut rug to fit what little floor there is just inside the hatch to prevent cracking there too. Hope the water you extract isn't yellow. Stan Carol II, #177