Apple offers Proview $16 million settlement for iPad trademark in China, says source
Until now, Apple has insisted that it
had bought Proview's worldwide rights to the iPad trademark in 10
countries including China several years ago. Proview, however, claims
that the agreement didn't hold in China, saying that the Taiwanese
subsidiary which dealt with Apple had no right to sell the Chinese
trademark.
The Next Web
reports that the $16 million offer made by Apple is well short of
Proview's expectation. Proview has gone bankrupt and owes $400 million
to its creditors. Proview, which has sued Apple for $2 billion, is
looking to settle for at least $400 million from the settlement so that
it can pay its creditors.
But it seems unlikely that Apple will increase its offer anywhere close to $400 million based on its initial offer.
“Apple has offered to pay Proview $16 million for the rights to the
iPad name in China. But Proview is reportedly looking for a lot more,
according to a report from Chinese site Sina.com picked up from the Beijing Times. Citing a ‘source close to the negotiations,’ the Times
said that Apple’s offer was rejected by Proview earlier this week,”
Whitney reports. “Struggling to stay afloat after going bankrupt,
Proview is in quick need of cash, and lots of it… In total, Proview owes
around $400 million to its creditors, though there seems to be
confusion over whether that number is 400 million in U.S. dollars or 400
million in Chinese yuan ($64 million).”
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