[JW-Tex]

Is the transom out and the cap off at the same time? When did you notice the bulges? I would do the cap or transom one at a time not both at once. I beieve the hullsides will deform without the structural integrity of the cap or transom being in place (you can do one at a time but not both). I would put ratchet straps around the hull and start pulling the hullsides back together. Perhaps over a few days slowly tighteing the straps would diminish the bulges (you might need a turnbuckle to help as well). I beleive I have read a post somewhere about this several years ago on this or another site.