If it was not made AND registered PRIOR to 1986 then it would not be legal for private sale. NFA makers can make new LL or any other NFA item, if it is a machine gun then it can NOT be for private sale.
Here is an FAQ on NFA stuff I wrote up,
http://forums.gunbroker.com/topic.asp?TOPIC_ID=365687
Here is where the 1986 date came in,
http://en.wikipedia.org/wiki/Firearm...Protection_Act