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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 GT3 Cup ANDIAL Edition First Drive

There is only one Porsche 911 GT3 Cup ANDIAL Edition on the planet, and its owner is standing patiently in the hot pits at Oklahoma's Hallett Motor Racing Circuit, watching attentively as his prized possession circles the challenging road course at speed. I'm the lucky soul strapped firmly in the cockpit of the white-and-blue racecar. The tight carbon-fiber seat is cutting into my hips, the racket from the gearbox is making me deaf and a river of sweat is flowing off the tip my nose – blame the high ambient temperatures combined with the stress of driving someone else's expensive machine on an utterly unfamiliar circuit. But don't expect me to complain, gripe or come into the pits early, as I'm having the time of my life – I've eagerly waited nearly half-a-year for this moment, and short of me blacking out, there's no way I'm cutting it short. It's been said that ANDIAL-prepared cars and engines have claimed victories on every major racetrack in this country. Belting into the driver's seat of an ANDIAL-prepared Porsche fulfills a personal dream that started decades earlier when I thumbtacked a picture of a white Porsche 935 on my dorm room wall, its colorful bodywork stenciled with "ANDIAL" along the bottom of the driver's door. In the 1980s, the name of the privately held racing company was synonymous with Porsche and victory – it's been said that ANDIAL-prepared cars and engines have claimed victories on every major racetrack in this country. As its founders retired and the company focused on smaller specialty projects, ANDIAL's business model changed, but its relationship with Porsche remained strong. In early 2013, it was announced that the Porsche Motorsports North America, Inc. (PMNA) had purchased the brand – yet there was still no word as to how the famed ANDIAL name, an anagram made from the names of the founding members – the late Arnold Wagner (AN), Dieter Inzenhofer (DI) and former PMNA president and current consultant Alwin Springer (AL) would be used. Some answers emerged in February of this year when I received a phone call from Porsche. The company offered to have me to visit ANDIAL's shop in Southern California, which is now operating entirely under the direction of PMNA. Entering one of the shop's bays, I found myself face-to-face with a lightly used 997 GT3 Cup racecar. The vehicle was in the early stages of a complete teardown and rebuild – in preparation for its rollout in traditional red, white and blue ANDIAL livery.

Porsche recalls new 911 models over exhaust pipe issues

Porsche, though the National Highway Traffic Safety Administration, announced a voluntary recall on about 2,200 911 Carrera and Carrera 4 models built during the 2012 and 2013 model years. On cars equipped with the standard exhaust system it was found that the tailpipes could separate from the mufflers and become dangerous road debris; models that added the optional sport exhaust system are not included in this recall.
Affected vehicles were built between March and November of last year, but there have been no reports of the problem on any customer-owned vehicles. Porsche first noticed a cracked tailpipe weld on a test vehicle back in May, and since then has found similar problems on other internally owned vehicles, all with more than 25,000 miles on the clock. To fix the problem, dealers will be replacing the mufflers. Scroll down to read the official notice.