tug of war and service entrance cable

[Randall Clark]

Take a look at the pic. Only thing I can think is that the service cables run out of the house wall and into the meter box with no conduit and a thing (person, tree, mower) caught and pulled on them.

[Randall Clark]

Photo?

[Rollie Meyers]

Since you did not post a pic of the whole panel, impossible to speculate here, but panel does need to be replaced as that ITE panel is obsolete & parts are not going to be avail. new.