Proview is still after its slice of the Apple pie, but when Apple representatives offered $16 million to quietly settle the trademark dispute over who owns the name “iPad” in China, Proview decided it wasn’t enough.
While $16 million sounds like a fair (that’s 100 million yuan in China) amount for the Chinese company that has dubious claims to the iPad trademark, Proview is actually seeking at least $400 million dollars in order to pay back its creditors.
Proview is in some serious trouble, and one creditor, Fubon Insurance is already trying to reclaim debts of $8.68 million, requesting that the company be liquidated.
That $400 million number, while outrageous, is less than the $2 billion dollar lawsuit that Proview filed against Apple in the United States, which was dismissed by the courts last week.
Though Apple said that it would stand firm, it has conceded to settlement negotiations, which Proview is hoping will take place soon. Company chairman Yang Rongshan has said that Proview must be “properly” compensated if Apple wants to legally own the trademark.
As a result of the drawn out battle between Apple and Proview, Apple has refrained from releasing its new third generation iPad in the country, presumably waiting until the trademark dispute is resolved.