bjoernvold.com

Apple bought the iPad name from the Chinese company. Shenzen Proview Technology in 2009. But this did not count in China where Shenzen Proview Technology kept the right to the name.
In an out of court settlement Apple agreed to pay 60 Million Dollars for the iPad name in China too.
They did believe that they had already bought that so it is understandable that they are not Euphoric about this deal.
Furthermore it could cool of potential foreign investors in China.

The story I heard was

A subsidiary of the Chinese company sold the name and Papa did not recognize the sale as legitimate.

--and--

Apple sales/commerce in China is about 20% of their total revenue, so they will have to grin and bear it...

...like all good berserkens

Yes Apple has a 120 Billion Dollar cash reserve. That should help them handle a rainy day or two......