Proview’s Case Against Apple Might be Placed on Hold
The fight between Apple and Proview for the legal ownership of the iPad trademark might be place on hold. currently Proview is battling Apple over the trademark iPad in China and Proview is hoping that a potential bailout from Apple can revive their company.
But in an unfortunate series of events, Fubon Insurance which is Proview’s creditor have filed for the company to be placed into involuntary bankruptcy liquidation proceeds last year. and once a court decision will be issued on this matter Proview’s ongoing lawsuit against Apple will be suspended in accordance to Chinese law.
A spokesperson for Bank of China said, that in a city court ruling have shown that Proview Technology owes Fubon Insurance US$ 8.68 million as of November 2010. And after the company failed to comply with the court rule for more than six months, Fubon Insurance filed an appeal that asking for Proview Technology’s remaining assets to be liquidated last June 2011.
The application’s statutory deadline has already passed and Fubon lawyers have applied for an expedited ruling last February 20. Proview responded by telling Fubon that the company can satisfy its outstanding financial obligations once they will know the outcome of the trademark suit against Apple. Fubon rejected the arguments stating that a speculative amount of money can’t be use by Proview as a proof of their capability of repaying its debt.
Experts are saying that although Proview’s payout from Apple is high, court decision will take time and the fastest way for any creditors to claim any debts from Proview is to hope that the can reach a settlement from Apple as quickly as possible.