If that is how you genuinely picked the name then yes it's a bad move
There is plenty of info on here about how to research a name and I would recommend reading it before regging any more, it will save you money in the long term.
In terms of pitching it to the existing registrants of the name, my guess is they didn't want it in the first place.
Brandable is not my forte and I am sure many more here are better equipped to comment but to my uneducated eye it doesn't cut it!
Good luck anyway and I hope you don't lose on it.
Aiden