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Sounds like a Nigerian scam. They research something rare, or valuable, and post it on CL. Then they wait for someone to take the bait. Since they likely had a huge number of replies, the mailbox is probably full, and thus the bouncing mail.
They do something similar with jukeboxes around Christmas. The email you'll get back is that they will have someone pick up the money order or draft, and ship you the goods. Additional tip offs are they will say something like "I'm moving to europe, out of town" etc.
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