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Defunct Company Trademark?

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ntsf0

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Let's say company XYZ used to be in business, owned domain xyz.com and the trademark to it. They go belly up, and the domain expires BUT the trademark is still listed as LIVE (even though by all other accounts, the company seems to be completely gone). If someone were to register xyz.com, and they wanted to use it for a similar business to what XYZ did, how would that work?
 
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