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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.

Jay Leno welcomes finely rebuilt Porsche 356 into his garage

Not a month after the Porsche 911 Reimagined by Singer visited Jay Leno's garage, another artfully restored Porsche has rolled in. This time it's a 1957 Porsche 356A Outlaw, the "outlaw" moniker referring to Porsches that have been restored outside the bounds of period-correct orthodoxy.
This 356A was literally done from the ground up by Michigander Chuck Olenyk, the floor of the car having fallen apart so badly that he couldn't remove the roof at first since it was holding the vehicle together. Olenyk said that of the 2000 hours over seven years that he spent restoring the car, 500 were spent just on repairing the rust. That's undoubtedly some of the reason why when he tried to sell the unrestored car as a roller in the nineties for $1,000, no one would take it off his hands.
Olenyk fitted a mildly tuned engine from a Porsche 912, the transmission from a 356B, the brakes from a 356C, Fuchs mags and a modified replicar Speedster roof from Intermecchnica. It lacks nothing even with just 115 horsepower, and it adds to that with charm and aural appeal. You can see and hear the full story in the video below.

Porsche 911 GT2 caught testing, is super bad

Look what spy photographers have spotted sprinting around the Nürburgring. Our shooters nabbed a few photos of the all-new Porsche 911 GT2 in its native habitat without any of the bulky camouflage or cladding we're used to seeing. The result is our first truly clear view at the upcoming successor to the GT2 throne. From the looks of it, the new model will boast wider fender arches front and rear, and hefty air intakes set into the machine's hips should help feed a beastly 3.8-liter flat six-cylinder engine. Early guesses put the engine output somewhere around 560 horsepower.
Mated to a seven-speed dual-clutch transmission, the engine should propel this rear-engined heathen to 62 miles per hour in under three seconds. Top speed? Try somewhere around 200 mph. If that's true, the next-generation 911 GT2 will be the fastest 911 in Porsche history.