Apple Inc. has entered serious negotiations with Proview, a company that currently has the Chinese iPad trademark. Apple representatives have reportedly offered Proview $16 million, but they are holding out for $400 million. Proview and Apple have been battling in court since 2010, but the case came up against in February after Apple contested a decision that Proview was the legal holder of the “iPad” trademark in China. Proview needs $400 million to appease their creditors, eight of them being Chinese banks.
Proview creditor Fubon Insurance has moved to reclaim debts totaling $8.68 million and requested that the company be put into liquidation. Proview originally believed that the trademark would be worth $2 billion, which is far from the compensation totaling $400 million.
In 2010, Apple previously attempted to buy the trademark by setting up a shell company called IP Application Development Limited (IPAD Ltd.). Proview sold the trademark to the fake company, but then said that Apple committed fraud by concealment, inducement, and intentional misrepresentation to get the iPad name.