Proview Rejected Apple’s $16M Offer, Wanted $400MBy: Shaylin Clark - May 10, 2012
Yesterday we brought you news that a U.S. District Court judge had rejected Proview’s attempt to bring its trademark infringement battle with Apple to American shores. Now it appears that Apple has made attempts to settle the case and been rejected by Proview.
According to Chinese web site Sina (Google Translation), Apple offered China 100 million yuan ($16 million) to settle the suit, which is currently preventing Apple from selling the iPad in China’s enormous mobile device market. Proview, however, rejected the offer, insisting that Apple pay out $400 million.
Upon further investigation, Sina discovered that $400 million happens to be the amount Proview needs to appease the creditors – consisting mainly of 8 Chinese banks – nipping at the company’s heels. According to The Next Web, proview’s debts actually total $8.68 million, and the company is facing increasing pressure from creditors that have begun taking steps to reclaim their money.
Apple purchased the rights to the iPad trademark through a shell company several years ago. Proview subsequently denied that Apple had any right to the name and sued Apple, seeking to block import of the iPad in China. Proview has accused Apple of acquiring the trademark rights deceptively, while Apple has argued that Proview is trying to get more money out of trademark rights that it has already sold fair and square. If Sina’s report is correct, it seems that Apple might have a point.