Cannot initialize Passport 0740 drive on Windows 7

I have discovered some more information. I went digging through the registry looking for instances of MyPassport 0740. I find this key ‘HKEY_LOCAL_MACHINE\SYSTEM\ControlSet001\Enum\USBSTOR\Disk&Ven_WD&Prod_My_Passport_0740&Rev_1003\5758463145373150595A4B34&0\Properties’ which I cannot access because somehow it is protected. Even if I ‘Take Ownership’ of this key I am not able to get rid of it - access denied!