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yeah there is a bit of lens distortion, but basically I opened up my Peavey to adjust the truss rod and saw that. Otherwise the neck is great, the action was just a bit high for my taste.
Thin-walled Peavey truss tool will work well. Also, Fender makes one that is a bit longer than a gibson(I think it was for their acoustics) that will fit in there. It is a 5/16 nut, and a thin walled 1/4 inch drive socket may work, but it is typically difficult. If you can get to it, remove it first then locate small washers(#10 at my local surplus store)place 2 or 3 on the truss rod, lube the nut, and then put it back on and tighten as needed.
Lol, I remember first time I went to do truss rod adjusment on guitar without that type of truss rod tool requirement. Took a moment to figure out how to adjust it with allen wrench that came with bass as at first I thought they forgot to put its truss rod tool in the box. Lol.
Which reminds me of other odd truss rod tools, the warwick one. When not useing it for truss rod it can be used as shish kabob screwer. Lol.
From the pic it looks like the truss rod threads were stripped/the rod snapped, so a new brass nut was purchased and the washer was omitted. As a result the wood gave away and the nut sunk into the neck.
If that's the case, the best course of action IMO is to ream a new washer surface a bit deeper with a hollow (obviously) reamer, if and when You get the old nut off. Then with a new washer and a new nut, all is good and dandy again.
I had an old Peavey B-Ninety that collapsed in a similar manner. I ultimately just dumped the bass. It's a shame, cause I liked it a lot... but once that happened, the neck became useless...