First off the "PH" model has not been available for more that about a year, and a half, so that was the preveous owner's first lie! What you have,most likely, is a field grade, not a PH, or it is newer that the guy said.

IMO, there is deffinetly something wrong with the rifle,or the loads you are useing! My guess is someone screwed over on that rifle! Take the barrel set off the rifle, hold it by the breech end, rapp it hard against your other hand, and try to detect any viberation, or rattle. If none is detected, try the same thing with a rubber hammer, strikeing the barrels about 3/4 of the way to the muzzles. If any ratteling viberation is detected, the barrels have let go of the solder between the barrels. This could be caused by haveing something like a horse rolling over it, or shooting a hot load with a mono-lithic solid. In any event if the solder has let go, it will have to be re-regulated, and Butch is the proper one to do that job.

I would give Butch a call, and see what he reccomends. I'm sure he can make the rifle shoot the way, I suspect, it did when it left his shop! If nothing else, he may give you a load, that will regulate in your rifle! I have never seen a Searcy that would not shoot into at least a 3" group at 50 yds.