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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.

Porsche 911 Targa Turbo for Geneva debunked, 919 Hybrid and 911 RSR racers coming instead

Porsche has proven adept at making sure there is a version of its venerable 911 for practically any wealthy driver's desires. If you just want a great all-rounder then buy a standard 911; open-air driving, then the Cabriolet is for you, and if you need a compromise between them, there is even the new 911 Targa.
Gossip earlier this week surfaced on various websites that at next week's Geneva Motor Show, Porsche had designs on introducing an even higher-performance Targa variant, a Targa Turbo. The rumored mashup would combine the wide body from the 911 Turbo with the super-complicated power roof from the Targa (see right). Assuming no changes in power, that would mean 520 horsepower or even 560 hp in a Targa Turbo S model. Unfortunately, we're hearing that this tasty bit of scuttlebutt is incorrect. Autoblog asked Nick Twork, Porsche North America Product Communications Manager, about the rumor, and his response couldn't have been clearer: "Totally false."
Twork did elaborate that company will be "debuting the Porsche 919 Hybrid, our new LMP1 race car" at the Swiss show, and Stuttgart has also announced this morning that will show its 911 RSR racecar, too - either of which we reckon is a lot more exciting than another Targa variant.

Remembering Porsche's illustrious Le Mans history

Not only does this weekend mark the running of the 82nd 24 Hours of Le Mans, it will also see the return of one of the race's most venerable brands to the top tiers of endurance racing. Porsche will campaign its first top-flight car since the 1998 911 GT1-98, the 919 Hybrid, at this weekend's race, in the hopes of knocking off its corporate rival, the dominant Audi team.
To understand just what a win for the 919 would mean, though, you need to look back on the intrinsic connection between the Circuit de la Sarthe and Porsche. It's a history that spans decades, dating back to the team's first win in 1970.
XCar has a great video on that history. At 25 minutes, it's a bit on the long side. Then again it is the Friday before Le Mans. Take a look below for the video.