I have not kept up. Is the Saiga-12 shotgun now the subject of an ATF ruling? I have always casually kept my eye open for one at the local shows, but have never seen one. I would buy one if the price was right.
Not yet, but possibly.
Right after SHOT the ATF came out with a "sporting purposes" study on imported shotguns with "military features".
People have been wondering for some time now why the Saiga hasn't gotten a Destructive Device classification when the USAS-12 and the Stryker/Streetsweeper did.
(Although a SOT friend of mine has told me that the Brady Campaign lobbied Lloyd Bentsen directly to get a bunch of shotguns declared DD's but only those two rose to the category too the ATF/Treasury dept's review.)
As imported, with a Monte Carlo stock and a 5 round magazine, the Saiga S12 meets the sporting purposes criteria as defined by the ATF's reading of the '68 GCA, however they have to be aware of what's being done to them after-market once imported. (shrug)
So those two things combined, that a Saiga with a drum mag and pistol grip conversion is functionally identical to a USAS-12 semi-auto and people have been waiting for the NFA shoe to drop on them for years, and the recent "study" (prelude to banning "something") is what drove the market nuts.