Proview lowered asking price of iPad trademark from $2 billion to $63 million after Apple offered $16 million

Proview lowered asking price of iPad trademark from $2b to $63m after Apple offered $16m

Apple and Proview are apparently in talks to settle the case of who has rights to the iPad trademark in China, and rumor has it Apple's initial offer was $16 million. This is after Proview's initial ask of a whooping $2 billion in February, which they've since lowered to $63 million according to anonymous sources. Although it might seem like an obscene amount to ask, it's worth noting that Proview is a company on the verge of economic collapse with creditors knocking on their door.

Proview has claimed that the UK-based middle-man that had originally sold the rights to Apple a few years ago actually didn't have the authority to do so, thus nullifying any earlier agreement, while Apple is contending that the original agreement was legitimate.

This trademark hurdle is slowing down the new iPad's arrival in China, but by the sounds of it, Apple's patience will outlast Proview's needs to pay off debts. Anyone want to take bets on how long it will take for this trademark battle to conclude?

Source: Sina via TNW

Simon Sage

Editor-at-very-large at Mobile Nations, gamer, giant.

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There are 3 comments. Add yours.

This site is a joke says:

Did you read the article? Apparently not.
"Note: Story updated to reflect 400 million dollars, not 400 million yuan ($63 million)."

Mainak says:

Yeah its $400 Million. It will continue till a settlement is reached. The investors at Proview might wait to liquidate for a higher return on their investment. Sounds like a good deal for them.

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