Need threading diagram
SOURCE: The shaft piece on my hobbylock 786 serger is loose
The top hex screw I think holds the bushing that allows it to slide freely. Keep that loose. If you open the panel where the lightbulb lives and spin the wheel, you will see a small flathead screw come into sight near the top of the rotation, through a small round window in the case. Tightening this screw a bit should keep the needleshaft moving with the wheel. Unfortunately I am still trying to find out how to position it so that it's properly timed.
The hobbylocks all thread in much the same fashion. There is a diagram for a four thread hobbylock on this website. It would be better if you found a Pfaff dealer to show you as it is quite complicated.
http://www.pfaffmachines.co.uk/overlock/pfaff-hobbylock-2-overlocker.htm
Once you have it threaded, always cut the old threads at the spool and knot new ones on and pull through. You will have to thread the needles as the knots will not pass through but it does save an awful lot of frustration when needing new colours on the spools.
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