Near Perfect Shape 2003 Porsche 911 Carrera Coupe. on 2040-cars

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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.

Petrolicious studies the purity of a Porsche 911 2.7 RS

Water-cooled Porsches are superior to the old, air-cooled models. This really isn't up for debate, despite the mob of Porsche purists, with pitchforks and torches in hand, currently descending on the Autoblog offices. Water-cooled models are more powerful and easier to live with, two factors that make modern Porsches just so darn amazing.
And while we won't hear arguments on anything we've written above, we will say that the old air-cooled models, while not superior, are just, somehow, better. They sound better - a lot better. They're simple, elemental and wildly entertaining things, that just beg for more and more. They rev in a way that forces drivers to work to unlock their power, rather than just push their right foot down. Part of the appeal of air-cooled Porsches, in addition to what we just listed, are the gorgeous cars they're slotted into, like the subject of the latest video from Petrolicious.
Starring a 1973 Porsche 911 Carrera 2.7 RS, this video is a bit shorter than recent ones, but it's no less exciting. This 911, complete with it's sweet-sounding exhaust is the kind of simple, entertaining thing we can watch over and over. Scroll down for the full video.

Porsche-Piech buy 10% stake in VW's holding company

In August, 2009, as the scuttled merger of Porsche and Volkswagen had gone bad and Porsche was backed up against the ropes, Porsche Automobil Holding SE (PAHSE) relinquished a ten-percent stake in itself to Qatar Holdings as well as options it held on 17 percent of VW shares. The sale meant that, for the first time since the founding of the company 61 years before, an entity outside the Porsche and Piech families had a say in the running of PAHSE.
Buying that ten-percent stake back returns full ownership to the two families, the holding company's sole possession being ownership of 50.7 percent of VW's common shares. The price paid wasn't disclosed, but at market rates the purchase would be worth close to $1.25 billion. Qatar intends to hold onto the 17-percent stake it has in Volkswagen.