At the end of last year (like Dec 31st) a friend of mine pointed out a Fully Transferable AR-15 that was converted to shoot full-auto before the 1986 cut-off. I'm not sure why, but the price was right and the lower receiver started out as a Colt SP1.

So I contacted the Dealer (out of state) and purchased it. Yesterday, I got to fondle and drool over it at my dealer when I dropped by to have him sign the Form 4 (I told him I would take care of the paperwork). Today I dropped off the 2 copies of the Form 4, a cope of my RLT Declaration of Trust and Schedule A, plus a $200 check for the Tax.

Fortunately, the .22LR Conversion Kit I bought is for the M-16 and I should be able to shoot it full-auto without going even further in debt.

The process to date has been as follows:

Jan 1 - Purchase agreed to by e-mail and phone.
Jan 30 - Was informed by out-of-state dealer that he finally received approval to ship to the local dealer.
Feb 4 - Local Dealer was able to obtain rifle from shipping company.
Feb 6 - Mailed out Form 4 (and other documents).

We'll see how long before I get the permission to take possession at which point I still have to register it with the VA State Police. My guess is that barring any hold-ups, I should hear something around the end of May. Is it May yet?