IT HAS BECOME THE QUICKEST WAY TO FAME IN AMERICA'S GUN culture. And one morning in May 1992 it happened to Louis Katona III, a Bucyrus, Ohio, real estate salesman and part-time police officer. He got to tell all about it when the National Rifle Association flew him to its annual meeting in Phoenix last spring--how agents of the Bureau of Alcohol, Tobacco and Firearms, the "jackbooted fascists" of N.R.A. lore, had raided his home and seized his machine-gun collection. At the time, he estimated the guns' value at about $300,000 and kept them locked inside a walk-in vault in his...
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