Cybersquatting

If ICANN's stance on domain names was correct, we wouldn't have this whole bunch of professional cybersquatters who sit on "obsolete" domain names and charge an arm and a leg for them.

I recently tried to acquire a domain name (as an individual) only to find that someone already "owned" it, had established the usual worthless "search portal" on it and was willing to grant it to me... for the measly sum of US$8000.

So if they don't own that domain name (accoring to ICANN), how came they can effectively hold people to ransom over a domain they are not using?