Saw this Peavey T-40 on Evilbay. Looks like they chipped the fret board pretty good pulling the frets. Sold for $147.50 + $35 S&H.
The signature is actually the logo tagline for a german beer - Bitburger Bier - But the tagline is reversed. It says Bitte ein Bit! Tranlated: Please: a Bit! see logo here http://www.bitburger.com/bitburger_company/bitburger_board_of_directors/index.html
I have a '79 natural defretted T-40. The defretting job looks a little better than that one, but mine is maple so perhaps it hides some imperfections. I've had it for a while and I'm really not digging it so far. It hurts me emotionally, but I'll be selling it soon.