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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.

Watch Carrera Cup driver Connor de Phillippi's first lap of the N"urburgring

American race driver Connor de Phillippi was recently added to the roster of Porsche Juniors, the arm of Porsche's factory racing program that develops new talent. The 20-year-old is contesting the Porsche Carrera Cup Deutschland series with FÖRCH Racing by Lukas Motorsport, and last weekend, he raced the series round at the Nürburgring. Starting 15th on the grid, de Phillippi would cross the line in ninth out of 32 finishers.
Courtesy of his in-car camera, you can watch his entire first lap in the video below - there's no music added, just engine whine during nine minutes of crests, turns, bumpy straights and that wicked Carousel. Enjoy.

2015 Porsche 911 GTS widens your rear-engined choices

"Porsche needs to offer more versions of the 911" is not a phrase you'll hear uttered often. Not with 15 versions already in the catalog. But with the opening of this year's LA Auto Show, Porsche has introduced four more to bring the total up to nineteen variants. And more are no doubt on the way. What you're looking at is the new Porsche 911 GTS, which has grown from one model in the previous generation to four. Buyers will be able to choose between rear- or all-wheel drive and between coupe and cabriolet body-styles, but either way they'll be looking at a 3.8-liter flat six with 430 horsepower. That slots it in between the base Carrera and the GT3, but unlike the hardcore latter, it can be had with choice of manual or dual-clutch transmission – bringing the available configurations of 911 GTS up to eight. Spec the DCT and you'll be reaching 60 in as little as 3.8 seconds, but the pleasure won't come cheap: prices range from $114,200 for the rear-drive coupe to $132,800 for the all-wheel-drive cabrio, plus another $995 for delivery. But for that much scratch you also get the Powerkit, Sport Chrono package, wider track, lower suspension, Xenon headlamps, Alcantara trim, 20-inch alloys and more all thrown in as standard.