Weird Logo on Headstock

[Phil_K]

Hi everyone,

just stumbled across an Excalibur Custom HSH from 1998. The Logo on the Headstock looks very suspect, like someone just smeared it on with oil paint... Does anyone know something about this?
Thanks!!

Edit: just found out the serial number: 930224 and another photo

[Ben]

Maybe it was a re-finish by an unauthorised repair centre (or home repair)?