Switching up Ben's analogy slightly, lets say that a supplier (original registrant) puts goods on the shelves of Tesco (registrar) on the agreement it is their (original registrant) stock but when the expiry date is reached, Tesco (registrar) have permission to take the goods off the shelf (expiry), through the warehouse (suspension) and into the bins out the back (cancellation). If a homeless man (new registrant) is hovering outside the warehouse door asks a member of Tescos (registrar employee) for the goods about to go in the bin (cancellation) and they agree; who broke the "law" and who is to blame.
(riddle me this, riddle me that....)
Goods this is most likely to happen with is food. Low value, lots of social clamour for it not be binned, and you'll struggle to find examples of the supplier turning up in the 11th hour saying I'd like my soon to expire Fresh Creme Eclairs back.
Read through what's been said here on Sat morning. Riveting stuff. So dunno if I've got this right but basically the domains in question are lost in some ownership abyss between the host, original .co.uk owner, new .co.uk owner and that can be thought of as a Bound Group. Outside this Group are the lurking Dropcatchers and any party who let's say has found another method to deal with the situation.
A third party [actually 4th party], on basis of hosts terms and conditions which directly contradict Nominet's terms and conditions nips in last 24hrs and 'grabs' the domain/s where a decent argument can be made the only party likely to suffer loss is the party that would have dropcatched the domain or by some miracle, regged it. Odds are with 5 years to sort it out the bound group have declared no further effective interest.
However, the problem is one of Rights. If you are about to be evicted from your home another party can't simply move in on the day of eviction just cos it 'looks' like your definitely moving out. You could at the last hour raise the dosh you need and decide your not moving out and that's your Right. Or you bought an Icecream, don't want it, about to chuck it in the bin. Doesn't mean another party can take it off you cos 'well you were throwing it away'. They can ask, but if your answer is no it's going in the bin that's the end of it!
The bound group, has until the final second to at any time change their mind and decide one party within them is keeping the domain and within that they still may have their own further rows about it. So if new .co.uk kicks off against the hosts saying what's happened to my .uk rights, the old .co.uk Owner still has control that's a matter between them, outside and separated forever from any issues Dropcatchers may have about the potential domain.
However lets say some party said sod it I'm going in and having this domain. Is this illegal, theft, does it make them Lucifer? Appears to me they do so at their own risk.
What I find interesting is what if that Party who went in and grabbed the domain before the drop wasn't a member of Acorn. Just some part-time, making it up as they go along domainer, not privy to the discussion I've read here and through their own sheer enthusiasm and naivety simply saw an opportunity and took it. Psychologically it's normal to think if a renown website lets you do something; that which it lets you do must be kosher? It's a guided path after all. There was that thing with Hoover accidentally offering everyone free Vacuum Cleaners and within minutes everyone's grabbing one and ringing 50 relatives. They all know it's a glitch but don't perceive it as their problem. It's Hoover's screwup.
The difference here is that Registrars can see the activities of other Registrars to some extent and domainers well talk to domainers. Domainers always seem to know what other domainers are doing to an eery extent sometimes.
I actually find this be a complex issue. Just trying to understand it. The main thing is folks are talking. As long as that continues things will evolve.