The overturning of Hughes will not come as a surprise to anyone when/if it starts rolling. If it does, then they will have their heads buried in the sand and deserve evolution. Ultimately, reversing Hughes will actually enlarge the market and mean MORE net dollars for machine gun dealers. That also means they have to actually apply sound principles of finance to their inventory in the run up so as to mitigate risk and exposure. I doubt that anyone here wants to here my thoughts on the application of arbitrage as a risk management tool...