Proview Snubs $16M Payout From Apple, Needs $400M To Pay Off Its Debts

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ipad-money
Proview wants at least $400 million from Apple for using the iPad name.

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