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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

Le Mans-winning Porsche 956 up for auction at Pebble Beach

Collectors looking to get their hands on a piece of racing history will want to be in Monterey this August. That's where Gooding & Company will be auctioning off the genuine Le Mans winner you see here. One of the finest examples of the Group C era, this 1982 Porsche 956 won the 24 Hours of Le Mans in 1983 – the eighth time the German marque won the legendary French endurance race, en route to the record seventeenth win it racked up at La Sarthe this year. This 956 was the third of only ten examples made, complete with Rothmans livery and unimpeachable history. It debuted at Le Mans in 1982, where it placed second behind another Rothmans-liveried 956, and went on to win the next four races it entered. The following year, the two Porsches switched places in the winner's circle at Le Mans, securing this car's place in the annals of racing history. Now set to cross the auction block at the Pebble Beach Concours d'Elegance, Gooding projects this most historically significant Porsche to fetch between $7,000,000 and $9,000,000 once the gavel drops. According to the Sports Car Market database, that would make this the most valuable Porsche ever sold at auction, eclipsing the 1972 Porsche 917/10 Can-Am racer that Mecum sold for $5.83 million in Monterey three years ago. It would also far exceed the ˆ2.35 million ($3.15m) paid at RM's auction in Paris last year for another Rothmans-liveried 956 that completed the 1-2-3 finish at Le Mans in '82. That is, assuming 956 #003 sells this time: the last time it crossed the auction block, it failed to sell after a high bid of $2 million. Le Mans-Winning Rothmans Porsche 956 Roars its Way to Gooding & Company's Pebble Beach Auctions SANTA MONICA, Calif. (June 19, 2015) – Gooding & Company, the official auction house of the Pebble Beach Concours d'Elegance®, is thrilled to announce the addition of one of the most important and desirable competition cars of all time to its Pebble Beach Auctions. The 1982 Porsche 956, chassis 003, was the outright winner of the 1983 24 Hours of Le Mans and the most successful example of this revolutionary and dominating series of Group C cars. The sale of this factory Porsche racing machine presents an incredible opportunity to own a significant piece of motorsport history and it is sure to be a highlight of Gooding & Company's internationally renowned auction, taking place on August 15 and 16, 2015 in Pebble Beach, California.

Performance cars old and new are headed to auction at Las Vegas Grand Prix

Auction house RM Sotheby's is hosting a sale ahead of the 2023 Las Vegas Formula One Grand Prix, and most of the lots that will cross the block were designed with performance in mind. Whether you want a supercar or a Formula One car, there's a chance you'll find it in Sin City. One of the highlights from the sale in terms of rarity and price is the Mercedes-AMG Petronas W04 that Lewis Hamilton drove in the 2013 F1 season. Assigned chassis number F1W04-04, it's the team's last car powered by a naturally-aspirated V8 engine, and you're on the wrong track if you're thinking of the 4.0-liter unit that powers AMG's road cars. The engine in question is a 2.4-liter unit that develops 750 horsepower and is capable of revving to a screaming 18,000 rpm. The KERS system injects 80 additional horses into the driveline. Hamilton drove F1W04-04 in 14 of the 2013 season's 19 races, and he won that year's Hungarian Grand Prix in the car. RM Sotheby's notes that F1W04-04 is "the sole example to be sold outside of the Mercedes-Benz organization," which explains why it expects the car will sell for anywhere between $10 million and $15 million excluding the buyer's fee and a 2.5% import duty that applies to American residents. That's a lot of money, but modern Formula One cars rarely come up for sale. Several other cars are expected to sell above the $1 million mark, including a 1999 Mercedes-Benz CLK GTR ($8 million to $9 million), a 1988 Porsche 959 Komfort ($1,650,000 to $1,850,000), and a 1996 Bugatti EB110 Super Sport ($2,500,000 to $3,250,000). The 1990 Ferrari F40 GT (one of 21 units built) could bring up to $4 million. You can take home a rare, high-end classic even if you cap your budget at $1 million. How about a 1984 Lamborghini Countach 5000 S that was delivered new to Ralph Lauren and that has been in the hands of its second owner since 1986? RM expects the coupe will sell for up to $900,000. The auction house is also giving enthusiasts two distinctly different ways to spend a six-digit sum on a 30-something-year-old Mercedes-Benz. There's a 1990 190E 2.5-16 Evolution with about 3,400 original miles that could fetch up to $700,000. That's a lot to pay for a W201, but this isn't a run-of-the-mill Baby Benz: It's one of 502 examples built for homologation purposes. Alternatively, the 1989 560SEC AMG 6.0 Wide-Body could sell for up to $900,000. It's one of the most emblematic cars designed by AMG before it joined Mercedes-Benz.