According to ChinaDaily.com, Apple has forked over $60 million to a company called Proview Technology, for the rights to sell the iPad once again in China.
Now why would Apple have to do that when the iPad had already been on store shelves, you ask?
As it turns out, this nearly bankrupt company had previously filed a trademark for the name “IPAD”, which was to have been some sort of boxy, analog TV-shaped electronic device that never ended up seeing the light of day.
With the company having owned the rights to the name since 2001, Apple’s own iPad had to be pulled off shelves. With Apple however having now transfered the cash, they can once again sell the tablet on the Chinese mainland.
“All parties involved have agreed on the settlement. Proview and Apple now no longer have a dispute over the iPad trademark,” said Xie Xianghui, a lawyer for Proview Shenzhen.
Guess Proview won’t be as bankrupt anymore, eh?