Quoted:
FAQ

TL;DR Version of what is happening (stolen from OP):

1. ATF ruled that a trust is not a person as defined by 18 U.S. Code § 921(a) and the Gun Control Act (GCA).

2. Since ATF holds that an unincorporated trust is not a “person” under the GCA, the prohibition on the transfer or possession of machineguns as defined by 18 U.S. Code § 921(a)(1) and 18 U.S. Code § 922(o) cannot apply to unincorporated trusts.

3. Numerous (See Footnote #1) trusts submitted Form 1 applications to build new machine guns.

4. ATF approved the applications and sent out stamps (See Footnote #2).

5. On or around 9/10/14, ATF began calling trusts (or, rather, Trustees) that received stamps and/or updating their online status from Approved to Disapproved. Those that were called were told they had to return the stamp. (See Footnote #3 for audio of one such call)

6. Attorneys are working on it now...

Footnotes:

1. Current estimates put the number of trusts that applied somewhere in the low hundreds. Unfortunately, there is no 100% accurate count that is publicly available.

2. Some stamps were received as early as the first week of August 2014. Others have not been received yet.

3. http://www.youtube.com/watch?v=4s9GKoxnGcM

Does this mean if I have a trust I can get Form 1s approved to build machine guns?

No. BATFE is no longer sending out approvals. Your application will be rejected.

Should I submit a Form 1 right now?

No. The door is closed. BATFE is rejecting Form 1's for new machine guns now. It will not make a difference. (Note: If this changes, we'll let you know)

What should you do if you were one of the trustees that submitted a Form 1 and were approved?

Presto97sl summed it up pretty well (see below). I would add that you should contact NoloContendere via IM, as he is a rally point right now for coordinating and tracking efforts on this issue.



What can the rest of us do to help?

1. Keep the thread bumped.
2. Stand by.

Where can I send donations?

Nowhere, yet! There will be a time and place for that, but no one wants to start collecting money until we know how and where it will be spent. Plaintiffs are discussing options with attorneys right now. Attorneys are working on a plan right now. As soon as funding is needed, it will be requested (after getting Strykers approval). Until then, be patient.

Misc.

THE OP IS NOT ONE OF THE ONES THAT SUBMITTED A FORM 1 AND/OR GOT A STAMP.

If I left anything important out, please let me know.

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So no more trusts huh? Well shit.