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Proview Rejects Apple’s $16 Million, Wants $400 Million

Business & GovernmentNews
by Radu Tyrsina, 11 May 2012News

Yesterday, reports about Apple's failed negotiations with Proview to settle the dispute over the iPad trademark in China appeared in the media. Proview's lawyers have explained that there is "a big gap" between Apple's offer and the expectations of the Chinese company.

We are now able to understand exactly how far apart this gap is, with a recent report from Sina suggesting that Proview wants 25 times more than Apple offered.

The report states that Apple offered 100 million yuan ($16 million/£10 million). Proview is in dire need for serious money, as it has numerous creditors looking to cash in from Apple's settlement offer.

Eight of Proview's creditors are Chinese banks. Fubon Insurance, another creditor, has already requested Proview to be put into liquidation in order to get back $8.68 million (£5.4 million) in debts.

Squeezed by creditors, Proview is looking to get "at least $400 million." This claim is still far from the initial $2 billion compensation, asked in a US court earlier this year.

Due to the huge implications of owning the iPad trademark in the largest market in the world, Apple recently adopted a more diplomatic attitude. Proview lawyer, Xie Xianghui, detailed to the Chinese media that both companies are discussing settlement figures in order to avoid a lengthy court battle.

Source: TechSina

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