Apple pays $60 million for iPad

Jobs’ Mob has finally come clean and paid a Chinese company for the iPad name.

For a year Apple has been fighting the nearly bankrupt Proview Technology of the rites to the iPad name.

Proview was using the iPad name for some time before the Apple genius Steve Jobs invented it.

Proview managed to win a couple of court cases against Apple in China which caused Apple a few headaches. Proview requested Chinese authorities in scores of Chinese cities to order re-sellers to take all iPads off their shelves.

According to AP, in a court-mediated settlement, announced on the website of the Higher People’s Court of Guangdong province, Apple will be allowed to carry on selling its tablets after writing a big cheque.

Apple claimed it bought ownership of the iPad trademark in various countries from Proview. But Proview said it never sold the name in China.

Ma Dongxiao, a lawyer representing Proview, said it was just a transaction. Apple is spending $60 million to buy the trademark.

It is a bit of a climb down from Last year when Proview wanted $1.57 billion in compensation from Apple.

However it is better than the $16 million Apple offered for the trademark but below the $500 million Proview needed to clear its debts and keep operating. There was some talk that Proview would not accept any less than $400 million.

The deal means that it will stay alive in the short term and that the Chairman will not have to slip out the backway to hide from the company’s creditors for a few more months.