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I had a very similar situation a long while back after I had worked for an ISP and ended up in charge of a boatload of abandoned domains.
You are pretty much going to have to find the owner and schmooze him out of it. And obviously this can be very difficult because as soon as he senses it's worth anything he will extort you.
This didn't go well for me.
If you have access to the registrant emails involved in the domain you can call the owner up and ask if they want it to drop, then just switch the info and that should be legal.
Otherwise it's quite a quandry...
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