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Apple Bid $16M for iPad Trademark In China But Proview Wants To Cash In With $400M

by on May 10th, 2012

In an effort to settle the legal battle over the rights to the Chinese iPad trademark, Apple reportedly offered $16 million to claim the trademark for itself.

However Proview did not agree to $16 million and is looking for at least $400 million. While some may think Proview is being greedy, they are actually in desperate need as the cash-strapped company is trying to satsify their creditor demands.

Earlier this week we noted that Apple had moved forward with the settlement and offered an undisclosed amount to settle the dispute. At the time however, the gap between Apple and Proview was too large to conclude the proceedings.

If you have been casually following this story, this case has been on-going since 2010 and only recently made news again this year when it was revealed how Apple managed to purchase the Chinese iPad trademark when it in fact was legally owned by Proview. Since then, the settlement has continued and now Proview is most definitely looking for a cash payout from Apple to pay its creditors.

[TheNextWeb]

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