darrell8937, A couple years ago I found a brand new Hardballer at a gun show. I paid $400 for it. The owner said he trid to shoot it but it wouldn't go bang. He held on to it for several years then decided to send it back to AMT for repairs, only to find out AMT is out of business. The gun came new-in-box, with all papers.
When I got the gun home, I found the Millet rear sight had been cranked down so far that the hammer was hitting the sight and not the firing pin. A few clicks moved it up and the hammer would then hit the firing pin.
I have since done a trigger job and had to buy some new magazines. The AMT magazine was junk and didn't feed on the last round, just like yours. I bought a couple Wilson 8 round mags and they work perfect.
I have several Colts and a few other 1911s. The AMT will hold it's own with any of them. By the way, all AMT internal parts are Colt compatable except the proprietary trigger.