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Porsche board members facing another ˆ1.8B lawsuit over VW takeover bid

Back in 2008, Porsche got the bright idea that it could take over Volkswagen in the midst of the worst economic slump since the Great Depression. Ignoring that this was a catastrophic move for the Stuttgart sports car manufacturer that that eventually resulted in it nearly going bankrupt and eventually being taken over by the same company it sought to control, the aftermath has left Porsche Chairman Wolfgang Porsche and board member Ferdinand Piëch in the crosshairs of seven hedge funds that lost out during the takeover and are now seeking €1.8 billion - $2.43 billion US - in damages from the two execs, according to the BBC.
See, investors bet on Volkswagen's share price going down, partially because Porsche said it wasn't going to attempt a takeover. But Porsche was attempting to take over VW, having bought up nearly 75-percent of VW's publicly traded shares. When word broke that Porsche owned nearly three-quarters of VW (which indicated an imminent takeover attempt), rather than go down like the hedge funds bet it would, VW's share price skyrocketed to over 1,000 euros per share, according to Reuters.
Naturally, when you bet that a company's share price is going to drop and it in turn (temporarily) becomes the world's most valuable company, you lose a lot of money, unless you're able to buy up shares before prices jump too much. This led to a squeeze on the stock, which the hedge funds accuse Porsche and Piëch (who are both members of the Porsche family and supervisory board) of organizing.

All the crazy stuff we saw at McCall's Motorworks Revival

Every year, Gordon McCall puts on a lavish event packed with rare cars and planes (and the type of people that can afford rare cars and planes). And every year, more ridiculous stuff shows up. It's the good kind of machine overload. It's likely the only place in the world where you'll see a line of BMW 3.0s next to some Paganis next to a Porsche 911 by Singer Design next to a Ferrari salt racer next to a custom Olds Riviera next to the latest from Koenigsegg next to he coolest stuff Shelby ever made next to a hangar filled with McLarens, including a few P1 GTRs. And then all of that is surrounded by private jets, fighters, and planes that could have flown in directly from WWII. In a word, it's insane. Walk through the gallery above to get a taste for what was there this year for the event's 25th anniversary. Related Video: Featured Gallery 2016 McCall's Motorworks Revival View 29 Photos Image Credit: Copyright 2016 Drew Phillips / Autoblog Motorsports Misc. Auto Shows BMW Ferrari McLaren Porsche Koenigsegg

Watch the incredibly complicated operation of Porsche's new targa roof

Despite Porsche having claimed the name, targa tops are nothing new. In addition to the semi-roofless version of the 911, plenty of cars in the past have used removable roof panels - the new Corvette Stingray has one (as have prior generations), and this type of open-air experience has been available on past vehicles like the Pontiac Solstice Coupe and Honda Civic del Sol.
But when Porsche took the top off its brand new 911 Targa here at the Detroit Auto Show, it was indeed cause for pause. Simply put, this is one of the most complicated and intricate electronic roof panel removal techniques we've ever seen, save perhaps, for the setup found on the Japanese-market Civic del Sol from the 1990s.
We won't spoil the video for you, but basically, rather than just the roof panel coming off, the entire rear glass area lifts away the body in order for the small section over the passenger compartment to slide back. This has to be incredibly expensive to repair once it inevitably breaks. And we highly doubt you'll be able to operate this mechanism at any speed.