Hey Wooly,
Great find!!! Unfortunately Don is probably correct. That plate is just a band aid. If you have an extra long flat head screw driver try pushing it in the rotten area. If you go side to side inside the transom and it feels like Cole slaw throughout you will have a better idea of the extent of the issue. Otherwise your first ride in chop might be very short. If you look around this site you will see lots of tips and methods to replace the transom yourself for $800-$3000 depending on how you go about it and the materials you use. I had mine done professionally at it was only $3500. Safety of yourself and crew should be your first priority. Where are you located? We can help better with that info.
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