Cybersquatters are silly

I'm reading the latest tech news and I see a CNet article talking about how Google is giving up the gmail name in the UK. According to the article there is a company called IIIRP in the UK that wanted Google to pay them $40-$60 million for the rights to use the gmail name. I went to see the company's site and saw no mention of gmail as a product other then in a press release talking about them suing Google for trademark violation.

Demanding that much money seems to just be greed as this company is cybersquatting the name, and Google had the right answer which was "Oh, well. We'll just use another name." The CEO of that other company must be shooting himself right now that he just blew a major chance to get some value for something that might not be worth anything (which is probably what the name is worth now). As if this wasn't funny enough, I noticed in their latest press release this comment:

Though uncertain, [IIIRP] is now hopeful that Google will resume the settlement discussion which Google unilaterrallly ended in Augst this year.

What are they smoking there?!?