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There was a case recently where someone forced the handover of a domain, although the trademark was only recently registered.
If that happened in the US, there might be grounds to challenge the trademark if the domain had been used to trade in a similar business area for significant time (over 2 years), although the legal costs would be high.
The likely outcome would be a handover with significant "out of pocket expenses", ie a sale after bargaining over what it would cost the TM holder to get the domain through the courts.
Until recently, the entire matter was a Civil Dispute, so the legal argument could continue while the disputed site was "up and running".
The ICANN rules are changing to favour the TM holder - they only have to object to the name, and the registrar is obliged to take the site down.
So now the TM holder has you by the "short and curlies" - all you have to bargain with is that you are out of pocket, and pointing out that it would cost the TM holder money to take it to court.
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