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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.

Le Mans-winning Porsche 935 K3 'seized' by DEA agents

Porsche has won Le Mans more than any other marque, but only one of those overall race winners was actually based on a 911. That was the 1979 Porsche 935 K3, chassis number 009 00015 that was entered by brothers Don and Bill Whittington. It went on to win at the Nürburgring and Watkins Glen, and scored podium finishes at Sebring and Brands Hatch as well. In short, it's a historically significant and hugely valuable piece of motorsport history. And it was just seized by the DEA. Sorta.
After the Whittington brothers ran afoul of a handful of lawsuits and were implicated in smuggling narcotics, the car changed hands a few times before ending up in the noted collection of one Bruce Meyers. He had it at Laguna Seca earlier this month when a black Suburban, Dodge Charger and transporter truck pulled up with government plates, asked to speak with Meyer, presented him with a court order, loaded the car onto the truck and drove off.
Though familiar with the legal disputes surrounding the ownership of the car and the misdeeds of its famous original owners, Meyer was left understandably distraught over the events that had just unfolded in front of him to separate him from his pride and joy. (Or one of them, anyway; Bruce has got an eminently desirable collection of classic cars.) But here's the kicker: those DEA agents weren't actual DEA agents. Fortunately they weren't thieves, either. The actual story could have been the plot right out of Ocean's 14 if they ever made one and it focused on classic cars. (Is anyone in Hollywood listening?)

Petrolicious profiles the rare Italian Porschephile

If you're Italian, you love Ferrari. It's almost a national requirement. If not Ferrari, then Lamborghini, or if you're a bit contrarian, perhaps Alfa Romeo or Maserati. This common belief, though, flies in the face of Rosita Corato's devotion to a certain unique Porsche. Despite growing up around cars from Italy's most treasured automakers, Rosita's family of coachbuilders had a passion for Porsche. This love was fostered by her father, who made a living repairing Ferraris. Despite his work, he'd longed for a rear-engined German, finally picking up a 1959 356 Speedster that was in desperate need of restoration. Rosita describes it as "practically a heap of metal" before her masterful metalworking father got to work on it. While it was originally meant to be a racer, it could best be described today as a restomod, and Rosita still uses it regularly on rallies. The engine and brakes have been upgraded, while the ratios on the manual transmission have been tightened up for improved performance. To save weight – remember, Rosita's father wanted a racer – the doors and hood were replaced with aluminum units, while other aesthetic upgrades were made as well, such as moving the fuel access up onto the hood. Check out Rosita's gorgeous 356 Speedster in the very latest episode from the team at Petrolicious. Related Video: