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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.

Porsche 911 already testing next refresh

The latest Porsche 911 may still be a newer car, but that hasn't stopped the German company from starting development of a facelifted version of the rear-engined sports car, testing in what looks like southern Europe.
Due to hit the market in 2015, our spies think what we're seeing here is the new GTS variant, which, following the evolution of the last-generation 911, will make its debut on the facelifted car. Featuring the wider rear haunches of the all-wheel-drive Carrera 4, the GTS should enjoy a slight power boost, to 408 ponies.
Aesthetically, there are some additional vents in the rear bodywork, along with a revised front bumper and tweaked day-time running lights. The taillights get some attention as well, and will likely grow over the current car's skinny rear lamps.

Porsche 919 Hybrid sets new qualifying record at Le Mans [w/video]

Porsche is getting off to a great start at Le Mans this year, setting a new qualifying lap record. Both Neel Jani and Timo Bernhardt clocked qualifying times in the latest Porsche 919 Hybrid that eclipse the previous record. At 3:16.887 and 3:17.767, both Porsche factory works drivers beat the record 3:18.51 qualifying time achieved by Stephane Sarrazin in the Peugeot 908 back in 2008. We should note, however, that these times are for the current track configuration. The outright qualifying record for any configuration still belongs to – you guessed it, also Porsche. Pedro Rodriguez pole position in 1971 in the Porsche 917 at 3:13.90. His teammate Jackie Oliver lapped even faster during the practice session at 3:13.6, and went on to set the fastest race lap that same year, which still stands at 3:18.4. The long and short of it, though, is that Porsche has been and remains the force to be reckoned with when it comes to outright pace around the French circuit. All that remains to be seen is whether the team can translate that pace into victory over the defending Le Mans winners at Audi and the reigning World Endurance Champions at Toyota. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 24 Hours of Le Mans : Porsche beats all records! As expected, this first day will be have been marked by the domination of the Porsche 919 Hybrid cars during the first qualifying practice and who totally smashed the record of the track. But let's be careful, Audi isn't far behind. In LM P2, an Oreca 05 from Team KCMG finished in front whereas the Aston Martins excelled in LM GTE Pro and LM GTE Am. During the free practice sessions that took place between 4 and 8pm, the competitors began carefully on a drying track after the afternoon rain. The red flag was presented only 5 minutes after the opening of the track because of an immobilized driver who had made a mistake (without any other consequence other than this neutralization) at braking point in the chicane ForzaMotorsport (first of the two chicanes on the Hunaudieres). The British driver Richard Bradley was the cause of this behind the steering wheel of the Oreca 05 n°47 of the Hong Kong team KCMG. The prototype LM P2 was brought back to the pits on the breakdown truck. A little later, the same Richard Bradley did the best time of the free session on this Oreca 05 n°47.