Classic/Antique Car Repair: rear callipers, good luck jack, corvette car

Question
My rear callipers on my 69 corvette stick, they won't release by them selves.  Could I have a leak in one of the seals?  I'm looking for the mysterious valve under the drivers side under side I was told you have to reset  this if the system encounters a failure of the back brakes.  I have noticed a small amount of brake fluid under the calliper.  Would I be better off replacing the inner and outer seals to ensure not leaks.
Help.

Answer
I'm sorry, but I know little about calipers on a vette.  Try to find a service manual for your car, or a corvette car club.  They would have all the answers and you might get your question answered on the net.  Anytime you have brake fluid leaking, that is serious and you must get to the bottom of it.  If you have any history on the car, when were the brakes serviced last?  If no history, then rebuild the calipers with new seals and clean things up in side.  I don't have any idea what majic valve you are looking for.  We used to use a residual valve on some trucks to keep a little pressure in the rear brakes all the time, but cars did not use this valve.  It was located within the master cylinder where the rear brakes took off from.  Better talk to a corvette guy to find out about that valve.
Good luck
jack