Ok im stuck , heres what i have , cat 22 wing , it appears that the cat smile has visited me however, the crack is only on 1 side. when i clean it out there is lead above and below the crack , there is fiberglass mat on above and below the crack (so its not where the glass mat ended and was faired into the keel) the bilge is dry over the year, there are 5 blisters above the crack about three inches. my original thought and fix was to scrape it out and put life caulk over to fair out and paint . last season this was fine and when the boat was pulled the keel looked fine. then when it got cold the crack came back and a 1/2 tablespoon of liquid was oozing out , some what tar like.i then noticed the blisters. up to now i have poped the blisters which have been sanded down to the laminate or the lead. no moisture left there but still some coming out of the crack , ive dremmeled and sanded the crack wider and now have a nice groove to fill but i cant see where the liquid is from. i thought the bilge at first but last year i pulled each keel bolt and put sealent under each washer so that water wouldnt migrate down the keel bolt. they were tighted down snug and the bilge was drythrouout the season. i thought that the blisters allowed water behind the glass mat but after grinding down i cant see any delamination away from the lead. and all this apprears to accurr 4-5 inched below where the lead and boat meet. where do you all think the moisture is coming in at. what have i missed. thanks mg