Confirming the latest rumor asserting a possible settlement, Apple has reportedly offered Proview just $16 million for the rights to use the iPad moniker in China.
That’s a far cry from a whopping $400 million the cash-strapped display maker is allegedly seeking in order to settle the trademark dispute and appease its creditors.
At the same time, Apple too is in a hurry to settle this dispute as the company looks to launch its new iPad in the all too important 1.33 billion people market, without risking a country-wide sales ban…
Note: The source article got a figure wrong. This story has been updated to reflect the $400 million dollars Proview is seeking instead of the originally reported $63 million.
Proview creditor Fubon Insurance has already moved to reclaim debts totalling $8.68 million, requesting that the company be put into liquidation. Compensation totalling $400 million would be a long way off the $2 billion lawsuit the company filed in the US earlier this year (originally it asked for ‘millions’), although this was dismissed by US courts in the past week.
I think Apple is poised to resolve this dispute without having to break the bank. Some people feared that a settlement figure could be in the neighborhood of hundreds of millions of dollars, if not billions.
While nothing is certain until they settle, too high a figure would set a dangerous precedent and basically send a signal to any sue-happy company out there that it’s alright to bring trademark infringement claims against Apple and seek a sizable cash payment.
Proview is not in a position to drag this case forever.
The company is bankrupt, strapped for cash and its creditors are showing willingness to liquidate assets.
Proview has recently suffered another blow as a California judge threw their iPad complaint in the U.S. out of the window.
I think a settlement will soon be announced so Apple could finally launch the new iPad in the 1.33 billion people country.
What’s your take?