The Cobray Terminator is a very interesting gun. Based off of my research, in the mid-1980s, Cobray got a government contract to manufacture the AA-12 select-fire shotgun, but the government pulled the contract in pre-production. Cobray was left with a bunch of 12ga barrels they had already made for the AA-12, so they decided to throw a bunch of stuff they had laying around together onto the barrels and thus the Terminator was born, however production did not last long due to the design, which is as follows:
The Terminator is an open-bolt, slam-fire single-shot shotgun with a fixed firing pin. To load it, you push a button on the side of the chamber and push the entire barrel forward until it clicks, at which point it is in the "safe" position and you can load a shell into the chamber. To fire it, you twist the barrel to the side to take the safety off and pull the trigger. The barrel is released and flies backwards, pushing the primer of the shell onto a fixed firing pin. There's a noticeable delay between pulling the trigger and the gun firing. It's a very interesting, if crude, design. However, after Cobray made a small number of these, the ATF stepped in and said that due to their ruling on open-bolt semi-autos, most notably the KG-9 and several MAC clones, the open-bolt design of this single-shot firearm with no magazine made it a machine gun and Cobray was forced to halt production. The ATF enforced the letter of the law if not the spirit.
Commonly you'll see people say that only 18 were made but there are definitely more than that. I emailed Rick from Cobray and he told me that they don't know exactly how many were made but it wasn't a lot before the ATF shut production down. Personally, I'm guessing the real number was under 100. Rick from Cobray owns three (very jealous), and I've seen at least 8 different individual guns for sale since I started looking for one in late 2010, so if anybody tells you there are less than 18, they're lying and trying to get you to pay too much. I paid $450 for this as shown with a Cobray sling.
The gun as a whole is pretty spartan, with a comfortable plastic grip and a telescoping stock that looks like they just took a spare MAC stock they had lying around and put it on the gun, and a tube design reminiscent of a Sten. There is a single sling attachment, to which there is a Cobray sling attached on this gun. The front sight is basic, but nothing more than basic is really needed for a smoothbore shotgun with no choke. The gun is marked "SWD, INC. ATLANTA, GA 20/12 GAUGE." The gun is actually under 26" with the barrel in the rearward position. However, this is legal since you cannot fire it with the barrel back like that. Here's a pic of the gun with the barrel out (ready to be loaded and fired) and the stock extended.