If someone's telling you it doesn't run because it needs rings, they are not being completely honest. It has most likely seized and will require a re-bore, piston, rings, pin, etc to get it running again, if you're lucky. It MAY also need a bottom end rebuild too, which requires splitting the cases AND a whole lot of money.
If you can't fire this thing up and ride it, it better be REAL cheap, or walk away.