To quote wikipedia about abandonware:
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In most cases, software classed as abandonware is not in the public domain, as it has never had its original copyright revoked.
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I think they get away with it the same way bit-torrent trackers do - i.e. not legally. That said clearly this would be easier for abandonware sites as the value of what they are pirating is lower they will come lower down the list of poeple for the authorities to crack down on.
I spoke up partly as this board has a very strong legit-only stance, no offence intended.