[edited by: Compworld at 11:27 pm (utc) on June 14, 2009]
OR,
Is it pending and resolving to a Godaddy parked page awaiting being dropped?
I would be checking the whois etc and determine its true status and then go from there.
If is has indeed been picked up, then you need to determine its actual worth to the company, and therefore whether it warrants the effort and expense to recover.
If it is not worth the effort but still desirable, then perhaps you might want to just wait it out for a year and see if it is renewed by the new owner. If it is parked but attracts no traffic then the owner may simply let it lapse again as not being worth it. I have picked up quite a few parked domains that would be useful but not imperative by simply waiting for them to drop again. Sometimes patience pays off.
Onya
Woz