Ok, we have some new analysis of 5005 that makes it potentially somewhat cooler and we have a new bill that puts further restrictions on the ATF to curb abuses.

First, I draw your attention to the original analysis in PDF and specifically to the altered 922(o).


Quote:
(2) This subsection does not apply with respect to—....
(C) a transfer to, or possession by, a licensed manufacturer or licensed importer
solely for testing, research, design, or development of ammunition or a firearm;....
(E) any lawful transfer or lawful possession of a machinegun that was lawfully
possessed before the date this subsection takes effect.  


In which we see that 06 FFLs (10 bucks a year) that manufacture ammunition for sale to others can now transfer and possess post 86 MGs. My only concern is what happens if your FFL ever expires. I think they should change the proposed law to allow retention of lawfully transferred weapons and then it would actually be an awesome bill.

I also refer your attention to HR5092 which reels in the ATF in a few small ways, but reels them in nonetheless. Dont have a permalink to Thomas yet, but feel free to post one.

Link:
http://www.thehighroad.org/showthread.php?t=194530