This will probably be resolved by ICANN (http://www.icann.org/udrp/udrp.htm)
It's cheaper and quicker than litigation. The people that have it obviously are not using it for legitimate purposes. If they can procure a list of legitimate clients then they might have a remote leg to stand on but ICANN takes into account the amount of time a business has existed. King's Island has been around much longer of course. ICANN also spans all registrars so you don't have to worry as much as jurisdiction.
A quick search of Canada's justice department website also shows little tolerance of cybersqu