http://cgi.ebay.com/RARE-ALUMINUM-WATERMAN...1QQcmdZViewItem

Is this really a Watermans' ?

No, it's not a Waterman -- and one wonders why it is even described as such, since it doesn't incorporate any Waterman components. These pens do have a story, though. Most appear to have been run off immediately after the end of WW2 by military machinists who suddenly had time and material to spare. Most use off-the-shelf nibs, feeds, and clips; many were made to use Biro refills, since the Biro had been released using the opposite approach of the safety-razor makers (Biros were expensive, but refills were cheap). My impression is that most of these were run off in the UK; I've certainly run across a lot more of them there than elsewhere.