Proview has long been battling with Apple over its use of the “iPad” trademark in China, but the Cupertino company has moved to put an end to the dispute by offering a settlement figure of ¥100 million (around $16 million). The problem is, that sum covers very little of Proview’s massive debt, and the company is demanding a $400 million payout instead.
Admittedly, that demand is a lot less than the $2 billion lawsuit the company originally filed, but it’s a staggering sum when you consider that Apple paid just $55,000 for the rights to the iPad trademark outside of China.
Proview desperately needs a huge payout from Apple to prevent the company from entering liquidation. Its creditors include eight Chinese banks, in addition to Fubon Insurance, a Taiwanese company which has already moved to reclaim debts of $8.68 million.
The battle between Apple and Proview has been underway since back in 2010, but it was thrown into the spotlight earlier this year when Proview’s lawyer announced he would “slap Apple” with a $38 million fine. Back then, Apple contested a decision which stated Proview was the rightful owner of the iPad name, but now the Cupertino company appears to be willing to reach a settlement.
However, unless Tim Cook writes a check for $400 million, it’s likely this one’s going to drag on for some time.
Source: Sina
Via: The Next Web
Killian Bell is a freelance writer based in the U.K. He has an interest in all things tech and also covers Android over at CultofAndroid.com. You can follow him on Twitter via @killianbell.
10 responses to “Proview Snubs $16M Payout From Apple, Needs $400M To Pay Off Its Debts”
Even 16 million is too much. This is exactly why companies sometimes need to mask their identity in negotiations so they don’t get gauged. The ONLY reason the iPad name has any value at all is because of Apple. Proview’s iPad (an iMac rip-off) was a total flop and Apple is not responsible for their debt.
Fat chance. Apple’s not going to give in and pay Proview a $400 Million lawsuit for using the iPad name.
“Just call the iPad something else in the affected countries”
annnnddd….I wonder how much of this so-called 400M debt Apple is rEALLY responsible for? I’m sure Proview has tacked on a lot saying Apple is responsible for it that they really aren’t…lost revenue etc. nope!
Is Proview trying to claim that apple some how is responsible for their debt? They havent manufactured a product under the iPad name years before Apple came out with the iPad.
It’s immoral and unethical for Apple to be held responsible for whatever passed business failings Proview has made in the passed.
So Apple has to save this company from itself? Why? Let ’em burn, the greedy bastards.
Easier move. Transfer production to Brazil and just don’t sell in China. Serves the country right for not backing Apple when they were told, and have documents to prove, that China was part of the deal.
None. Which is why, despite Proview’s claims, Apple likely didn’t offer them 16 cents much less more
Actually it is the subsidiary claiming they had the rights to the single country and thus the parent company couldn’t include it in the sale. Despite the parent company claiming to IPAD UK otherwise.