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Porsche again staring down another $1.8B in hedge fund lawsuits

The sequence of events from 2007 that began with Porsche's secret attempt to take over Volkswagen, and instead lead to Porsche being taken over by VW, continues to instigate lawsuits against the Stuttgart sports car manufacturer. A group of hedge funds that suffered over $1 billion in losses sued the car company in New York. Porsche had publicly stated it wasn't trying to buy VW, the hedge funds in question were shorting VW stock, and when Porsche's actual intentions were revealed, the stock shot up and the hedge funds took a beating.
The case was thrown out over the issue of jurisdiction, then appealed, only to see another suit filed on top of that. After that, most of the hedge funds withdrew their claims in New York and Porsche offered a 90-day window to refile in Germany where it is already fighting a number of other suits over the same issue. The hedge funds accepted the offer, refiling in Stuttgart for $1.8 billion in damages. According to Bloomberg, Porsche hasn't commented on the refiling, but as the same plaintiffs are involved, it's safe to assume that the carmaker still feels the case is "unsubstantiated and without merit." It has fared alright so far even in German courts, with two lesser cases against it thrown out last year.

2017 Porsche Macan GTS First Drive

Zebulon Pike, the military commander and explorer for whom America's best-known mountain is named, never reached "his" peak, even though he tried. Over 200 years later, with a grin so giddy that I blame it on the thin air at 14,114 feet, I crested the summit of Pikes Peak a tick over 14 minutes after leaving the starting line. I was behind the wheel of the most fun-to-drive crossover anyone has ever built: the Porsche Macan GTS. I can't take credit for what must be one of the fastest unmodified sprints to the top. That goes to Pikes Peak legend Jeff Zwart, who led a pack of journalists in Porsche's latest Macan up the hugely demanding paved road. Zwart wasn't piloting a Macan GTS; instead, he was behind the wheel of the 911 GT2 he drove back in 2002 when much of the route was gravel. Today's pavement provides more grip but also less room for error, Zwart told us. Unforgiving, he called the mountain. That's just what you want to hear at 6:30 a.m. when Zwart, two cars in front of you, takes off at a racing start. Pressed later, Zwart admitted he drove at a fraction of his racing pace while juggling two radios (one to communicate with us and one for park rangers to alert him to wildlife on the road) and shifting a manual transmission. Strapped into a Macan GTS, however, I found the trip plenty stressful – but that's because of the blind corners, the narrow road, the frost-heaved pavement, the blinding sun, and, of course, those unforgiving drop-offs. The polished GTS, which slots in between the mainstream Macan S and the bonkers Macan Turbo, proved unflappable. Of the Macan flavors, which will soon include a four-cylinder base model, the GTS is best suited to carving through the Rockies. Its 3.0-liter, twin-turbo V6 comes from the Macan S, but Porsche dials its boost from 14 to 17.4 psi, bringing output to 360 horsepower at 6,000 rpm (up 20) and 369 pound-feet of torque from 1,650 to 4,000 rpm (up 30). The only gearbox available is the PDK (Porsche Doppelkupplung) seven-speed dual-clutch transmission with Comfort, Sport, and Sport Plus modes. In addition to the power increase, the GTS gets a standard air suspension that sits 10 millimeters lower than the optional version for the S and the Turbo. Front brakes cribbed from the Turbo and a switchable sport exhaust with a single flapper valve round out the performance changes.

Harry Metcalfe shows off his GT2-inspired Porsche 993 Turbo

There have been many versions of the Porsche 911, and the GT2 is among the greats. The hardcore variant of the iconic sports car packs the twin turbochargers from the 911 Turbo, but strips out the creature comforts and all-wheel drive. The 993 was the first generation to get the GT2 treatment, and that's just what Harry Metcalfe appears to have here. Only it isn't actually a GT2. This member of Harry's Garage is a 993 911 Turbo made to look like a GT2. That means it still has the all-wheel drive system from the Turbo model. And it also means that Harry didn't have to pay anywhere near as much as you would for a factory GT2, even on the used market. The founding editor of Evo traded in his 930 – the first 911 to go Turbo – and got this one instead.It may not be as original as his immaculate old 930, but as you can see from the video above, that doesn't make it any less of a thrill to drive. If anything, just the opposite. Related Video: