Cherry Red Custom Collectible 911 Porsche Carrera 4-s Coupe on 2040-cars

Auto blog

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.

'Born of a Blue Sky' brings the Amelia Island Concours to you

The Amelia Island Concours d'Elegance has more clout every year and is getting a reputation as Pebble Beach minus the madness. Held in March this year, it celebrated Ducati and the 50-year anniversaries of Lamborghini, the Corvette Sting Ray, Porsche 911 and the Ford GT40.
Justin Lapriore was there, and seemingly everywhere, getting footage of the various wares on display on the lawns and the sand and the runway. The resulting video, Born of a Blue Sky, is a 16-minute survey of some of the finer sights and plenty of engine sounds. Check it out below.

Are you the next Porsche 911 GT3 RS or GT2?

Porsche typically keeps to a suitably fast schedule when it comes to rolling out increasingly hard-core performance versions of the 911. After the 997 Carrera debuted in 2004, the GT3 version followed in 2006, and by the end of the 2007, Porsche had rolled out both the GT3 RS and GT2 versions. Then the facelifted 997.5 came out in 2008 and it was back to the start: the GT3 came in 2009, the GT3 RS and GT2 RS in 2010, and the GT3 RS 4.0 in 2011. But things have slowed down some with the latest 991 generation.
The new Carrera came in 2011 and the GT3 followed in 2012. By recent history's example, we should have at least two more hardcore models by now, but we don't. Maybe the engineers in Zuffenhausen have had their hands full fixing the spontaneous-combustion issues with the existing GT3, or maybe their attentions have been focused elsewhere altogether. But if these spy shots are anything to go by, it seems like they're back on the job.
Now we don't know if this prototype foreshadows a new GT3 RS or a GT2, but it sure looks more hard-core than the existing GT3 that many purists have derided as too soft, what with its automatic transmission and four-wheel steering.