This is textbook cybersquatting. He bought a whole bunch on speculation hoping to get rich quick, and now wants to cash in his lottery ticket. It's a little too late for him to claim he has a legitimate business use for it.
I know that's not the prevailing opinion here, but he's been squatting on the domain for years without using it. I think the company suing him has a legitimate case. It doesn't and shouldn't matter that he held the domain before the plaintiff registered their trademark; his continued holding of it is squatting.