The huge company that owned it went out of business, so he registered their domain name, and sent in an email to authorize the transfer.
Once you've got a hot class A network on your hands, but don't have 16,777,216 computers to use it, what can you possibly with it? How do you launder it?
It's not as if you can hide it in your garage, file the serial number off, repaint it, and put them all up for sale on the black market or ipBay individually!
Given that there are 24 bits for host identifiers, the total number of possible addresses in a Class A network is: 2^24 = 16,777,216
However, two addresses within that range are reserved: The "all zeros" host address is reserved as the network address, and the "all ones" host address is reserved as the broadcast address for the network. So count those out.
Therefore, the number of usable IP addresses in a Class A network is: 16,777,216 - 2 = 16,777,214
And at today's price of at least $15 a pop, 16,777,214 addresses × $15/address = $251,658,210
He ended up trading it under the table to a company that could use it, in exchange for the promise of free service for life.