Josh Ong
The Associated Press reports that Fubon Insurance, which is owed $8.68 million by Proview, is seeking to have the company liquidated. A Chinese official, who identified himself only by his surname, in Shenzhen said an announcement about the bankruptcy will come soon.
"It's a sensitive case in a sensitive period of time, so we won't comment or release information while we will have an announcement in the near future," he said.
Ma Dongxiao, a lawyer for Proview, assured that any financial problems the company is experiencing would not affect the ongoing trademark case. Apple is currently appealing a lower court decision that ruled in favor of Proview.
According to reports out of mainland China, Proview had requested that Fubon wait until it had resolved its complaint against Apple, but Fubon rejected the request. A lawyer for the insurance company reportedly said that her client was not convinced that any compensation payments from Apple would be enough for Proview to pay back its debts, which are said to be barely covered by its current assets.
Recent profiles of Proview have characterized it as being on its death bed. The company, which is at risk of being delisted from the Hong Kong Stock Exchange, formerly made computer monitors, but its main business now comes from LED street lights. Owner Yang Long-san has said that a win against Apple would help him rebuild the company and "overtake" its competitors.
"No thoroughfare" sign at a former Proview plant. | Credit: Caixin
Proview has been vocal about its interest in negotiating a settlement with Apple, but, as of last week, the two companies had yet to initiate formal negotiations. Apple continues to insist that it is the rightful owner of the Chinese iPad trademark through a deal that took place in 2009.
Apple has threatened Proview with a defamation countersuit over allegations that the company has made false or misleading public statements about the trademark suit. Proview has responded by accusing Apple of fraud and unfair competition because the iPad maker used an intermediary to negotiate the deal for the trademark.
Malcolm Owen
Christine McKee
William Gallagher
Amber Neely
40 Comments
Owner Yang Long-san has said that a win against Apple would help him rebuild the company and "overtake" its competitors.]
"Solipsism has said that a win against Apple by Proview would be an indication to procure sturdy umbrellas that can withstand the force of excrement from flying pigs."
If Fubar Insurance had any shred of confidence that Proview would prevail against Apple it would have not pushed for bankruptcy. This action is telling in itself.
Apple would never pay $2 billion to make this go away, and for Proview, anything less than $2 billion won't save the company.
AWWWWWWWWWWWWwwwwwwwwwwwwwwwwwwww.
The photo caption read, "No thoroughfare" sign at a former Proview plant.
The actual translation is, "Danger, falling Yang Long-san."
With what? A new line of... LED street lights? Seriously, with what? They'd just blow whatever settlement money they got on lawyers fees and mediocrity.