Looks like one of the pickup leads is broken inside. Pushing the tape wrap aside slightly, I can see a tiny wire hair that is supposed to be coming through the other hole.
The wiring you see is all splicing and soldering on the other lead and is not involved with the problem lead.
Anyway, I don't know if there's any way to pull enough wire off the coil to reattach a lead. It's so tiny, I'm afraid it would just burn in two with an iron. Also, the other exposed wire is multi-strand so I dunno how it would all be connected.
My other experience with an Emmons pickup has me skittish. When I tried to unwrap a portion of the tape, that pulled some of the wire off the coil and it never sounded the same again.
What say you?
