PocketKnifeJimmy
The San Mai III Trail Master is not "strongly believed to be" or "likely" made by Ichiro Hattori.
They are.. I know this because I saw them and handled one in the Hattori Factory in Seki Japan over 6 years ago. Along with the CS Tantos.
Cold Steel contracted "most" of the VG1 core San Mai III models in 2006-2007. To my knowledge, Kinryu and Tak Fukuta are the only other
Seki factories that also did SM III models. All of these contracts ended in 2015 with, as you say the SM III Trail Master the only one remaining.
I personally was "sure" that the TM would also be terminated and moved to Taiwan construction. And that was in 2016.
I'm glad I was wrong because it gave me time to buy one, to replace the one I sold off years ago.
Even back then Mr Hattori told me that their work for Fallkniven was increasing constantly, so that dovetailed with them reducing (or getting reduced) work from Cold Steel.
Between 2016 and present day, I believe that Hattori is continuing to make the SM III TM but in very limited numbers, ie; at a schedule that Hattori can accomodate. This would explain why inventory stocks of this model seem to fluctuate and vendors are ually out of stock until another small batch comes in.
Cold Steel's website says this " This model features VG-1 San Mai III steel and is hand-made in limited edition in Japan."
Clearly though, with GSM's takeover of Cold Steel, the future of the Seki made San Mai III Trail Master is very uncertain.