Porsche 911 Sc Coupe 2-door on 2040-cars

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German judge 'inclined to dismiss' hedge fund lawsuit against Porsche

Last year, around two dozen investors, including hedge funds, leveled a 1.4 billion euro ($1.95 billion at the time) lawsuit against Porsche in connection with the automaker's attempted takeover of Volkswagen in 2008. The Stuttgart Regional Court dismissed the case. Around 19 of those plaintiffs are heading back to court to appeal the ruling and still hope to get 1.2 billion euros ($1.4 billion). However, according to one German judge, the chances for success aren't any better this time around. "On balance it's our view that we consider the lawsuit, or the appeal, to be unpromising for several reasons," Gerhard Ruf, a judge in Stuttgart, said to Reuters. "We are inclined to dismiss the case." The court's ruling on the appeal will be announced on March 26. The investors' case hinges on Porsche's strategy surrounding the botched takeover. The sports car maker said that it wasn't trying to control VW, when in fact it was. These hedge funds had bet against Volkswagen stock, but the share price surged when Porsche's plan inevitably came to light. Investors have sued the sports car company multiple times since then in attempts to recoup billions of dollars. However, none of the lawsuits have been successful, whether attempted in the US or Germany. Former Porsche CEO Wendelin Wiedeking and and CFO Holger Haerter might still stand trial for the alleged stock manipulation, though. News Source: ReutersImage Credit: Matthias Rietschel / AP Photo Government/Legal Porsche Volkswagen lawsuit hedge funds porsche lawsuit

2012 TechArt Porsche 911 is visually dazzling, both inside and out

One way to ensure that your brand-new Porsche 911 (a.k.a. 991) won't look like the one in your neighbor's driveway is to give TechArt a call. The famed German tuner has rolled out its version of the latest Carrera and Carrera S at the Geneva Motor Show and trust us, it won't be mistaken for anything from the factory in Stuttgart.
Up front, TechArt has fitted its own unique two-part spoiler with integrated splitter while more aggressive side skirts adorn the rocker panels. The rear has a new lower diffuser, wrapped around the TechArt exhaust, and a large fixed rear wing (complete with an integrated third brake light). Look more closely to notice the subtle trim panels on the exterior mirrors and front headlights. The wheels are lightweight forged 20- and 21-inch alloys with matching paint on their rims.
Inside the heavily modified cabin are even more drastic enhancements (let's say TechArt has gone over the top). Don't let the aluminum pedals be a distraction as you inspect the black Alcantara and high-grade leather covering nearly every square inch. Flirting with gaudy, the dark upholstery is contrasted by vehicle-color-coordinated stitching and painted trim splashed throughout. However, the icing on the cake is an insanely thick TechArt three-spoke sports steering wheel.

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.