In an interesting development regarding the on-going Apple vs. Proview case, Proview – (the company who originally owned the rights to the “iPad” trademark before Apple bought the rights for a reported $38M) – has reportedly now dropped its asking price for the right to use the trademark in China down from $2 Billion to 400 Million.
The significant drop was said to have been a result of Apple recently offering to purchase the rights for $16 Million, in an effort to settle with the company.
The issue? – When originally selling the rights of the “iPad” trademark to Apple, Proview reportedly used a middle-man based in the UK.
This middle man, they claim, wasn’t authorized to conduct such business on behalf of the firm – a claim Apple flatly denies. Needless to say, Proview now claims this nulls the original agreement made – and now wants Apple to cough up again to secure the rights to use the trademark in China.