In the fierce legal war between the tech giant Apple, and the rather modest Chinese company Proview Electronics, the Shenzhen based company is going to lose it all.
The war started over the iPad trademark, which is owned in mainland China by Proview. This put Apple in the situation that it was selling iPads illegally, in the largest market in the world.
Despite previous dealings between Apple and a Proview subsidiary, based in Taiwan, the Cupertino based company did not manage to prove its legal ownership of the iPad name.
Now, the tech giant that owns the tablet market worldwide might have found a backdoor, to solve the situation.
Proview Electronics had a difficult period in 2008 and started to liquidate its assets. Despite the company's efforts to build on a new structure and to change its strategy, there are still tough times ahead.
The company has significant debts and Fubon Insurance is looking to get back $8.68 million; the amount overdue by Proview.
Unless the money is recovered, the Taiwan based insurance company is pushing for Proview's bankruptcy. Since the matter is sensitive, all the companies' representatives are reluctant to disclosing more information to the media.