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Court denies creditor demand to liquidate Proview Shenzhen

updated 12:10 pm EDT, Tue April 3, 2012

Reprieve will allow Apple v. Proview to continue

The Intermediate People's Court in Shenzhen has rejected a request to liquidate the assets of Proview Shenzhen, China Daily reports. One of Proview's creditors, Fubon Insurance, had previously filed several requests to have Proview's Shenzhen subsidiary liquidated. Although Proview is currently suing Apple, Fubon has argued that Proview won't make enough money to pay off its debts.

In its ruling the court disagrees, suggesting that Proview's iPad trademark suit could pull in enough cash. "As it is too early to determine Proview lacks the ability to pay off its debts, the court does not accept Fubon's request to liquidate Proview," the judgment states. A ruling in Fubon's favor could have killed the lawsuit.

Proview would need a substantial victory to pay off all of its creditors. It may owe as much as $400 million, and anything short of winning at trial may not bring in enough money. Most such lawsuits are settled outside of court, since parties rarely want to invest the time and money needed to guarantee victory.



By Electronista Staff
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Comments

  1. prl99

    Dedicated MacNNer

    Joined: Mar 2009

    +6

    good and bad news

    One of the creditors knows Proview isn't going to win while the courts still think they might. I just can't see why the courts are letting Proview make such a big deal out of this. It's just a name but Proview feels they can penalize Apple for using it. It used to be only in America this would happen but now China.

  1. garmonbosia

    Fresh-Faced Recruit

    Joined: Aug 2002

    +2

    Actually

    the Chinese court is making the proper ruling and it has nothing to do with their opinion on the merits of the iPad case. They just recognize that there's no hurry to transfer Proview's assets to their creditors at this time because if they did happen to be successful in shaking Apple down, the proceeds would be worth more than what they owe. If they transfer now, it could be an unreasonable windfall for the creditors, and it would be difficult for Proview to get those assets back.

  1. testudo

    Forum Regular

    Joined: Aug 2001

    -2

    Re: good and bad news

    One of the creditors knows Proview isn't going to win while the courts still think they might.

    Or, more likely, they think Proview will win in court. If they can get the liquidation now, they'd get the assets, which means the name, which means the court settlement.

    garmonbosia is 100% correct on that.

    I just can't see why the courts are letting Proview make such a big deal out of this.

    Which courts? The one that is ruling on the bankruptcy? Or the one that is ruling on the trademark dispute? For it is two completely separate things.

    It's just a name but Proview feels they can penalize Apple for using it.

    JUST A NAME? Are you f'ing serious? Do you think if Apple had the trademark and Proview wanted to use it that Apple would be "Oh, sure, go ahead. It's just a name!". And, seriously, are we supposed to believe that YOU would be saying "Geesh, Apple, it's just a name, why are you trying to penalize this poor company for using it?"

    It used to be only in America this would happen but now China.

    What are you talking about? This happens in many countries. And, it shows the progress China is making (as limited and controlled it still is). In the old China, they wouldn't even bother to care about using the name, and the gov't would probably just seize all of apple's iPad stock

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