We purchased a .co.uk domain for a new business which we started up in October 2012. Exactly 22 days later, the .com TLD of this domain was purchased by this company (according to WhoIs):

Association, OnNowTV.com @cox.net
4101 NW 143 STREET
OKLAHOMA CITY, OK 73134
US
+1.4054101837
They have simply put up a DomainSponsor-powered page.

The domain isn't exactly one which should be 'snapped up' as it consists of three words which are hardly popular keywords and totalling 17 characters. This is the name of our business, but it is not a trademark.

We had every intention of purchasing the .com domain, and to be fair I'm not sure why we didn't do it at the time of purchasing the .co.uk variant.

Now, where do we stand on getting the .com domain into our own hands. Are we at the mercy of paying an extortionate fee for it? Or do we have any legal standing in that this company have purchased the domain very soon after we did purely to profit out of it?