Yes Gazzip. There are like 40 categories (maybe more) of possible product TMs. That didn't come out right, but basically... Someone can have a TM for GulfAir for an airline and at the same time a different person could have a TM for GulfAir for air freshners, because they aren't competing markets and it's unlikely someone would get confused... Unless they sell an Ether air freshner, because then you might be taking some kind of trip
Most of the big corporations register their TM in all 40 categories to ensure their brand protection, and also file internationally...
So in essence, you could register a TM domain that dropped and use it for a non-competing business as long as the company doesn't have a broad spectrum mark (meaning all 40 categories)...
To make it look more legit, you could simply file for a fictious name with your state's government (in PA it costs $52)... Depends how far down the rabbit hole you want to go... And I'm not advocating someone do it for nefarious means, but if they have a legitimate interest in the name for business, I wouldn't want them to be dissuaded by the fact that someone owns the TM.
Also, the fact that the company allowed the domain to drop bodes poorly against them if they do take you to court. As a TM holder, it is their responsibility to enforce and protect that TM, otherwise they could lose rights to it. By allowing their domain name to drop, you could rightfully assume that they were abandoning it on a fairly legally sound premise.