ooh, yeah that's a bummer, it's a hard and expensive lesson for you but good to point out to other reefers as a warning.
Keep in mind, the only way to repair that tank PROPERLY is to completely disassemble it, remove every spec of silicone(New silicone will not just bond to old silicone)
This is not an easy thing to do, while it may sound like the cheaper resolve it usually takes more labor than just starting fresh, unless you happen to find someone that does this, does it properly, and throws down a deal in doing so.
Personally I'd shop a clean used, I've seen a number of 120's up for grabs on here lately, also check RC in local club forums, often there are good deals in OC or inland empire area.
SCA is a very good option as well, they are inland empire, like I said I scored mine brand new for $500 but I admit that was a sale, but they do have deals regularly.
Maybe take this time for an upgrade?