The phone only came-out now because of a giant reorganization that took place on the company to avoid bankruptcy, so not a money grab, they were once a big brand in Brazil that could compete with Sony and other TV brands.
If this is true, fine. The question is, did they manufacture/release any phones from 2000 on and did they also release any new phones during the reorganization period?
And if they were such a big brand that could compete with other big name brands, why wait until now to release a phone with the iPhone name? Perhaps it is what all people here are saying: the company reorganized to decrease debt and remain afloat, they finally released the iPhone they were hoping for when they originally got the trademark back in 2000, AND it's a money grab hoping for a payout to pay off other debt.
After all, there is no problem with them using the iPhone name when they own the trademark for it, but their timing is questionable and suspicious; especially when Apple is ramping up their presence in Brazil.