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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 to decide soon on Bugatti future

WEISSACH, Germany — Volkswagen will soon decide on the future of its luxury brand Bugatti, Oliver Blume, Volkswagen management board member and CEO of Porsche AG, said on Monday. Last week, Reuters reported that Bugatti was working on a strategic partnership with Rimac, which will likely result in a joint venture between Porsche and Rimac, with Porsche as a minority partner, Volkswagen CEO Herbert Diess said in March. "The future of Bugatti is an issue that will be decided on a group level," Porsche said in a statement, declining to comment further. Porsche boss Oliver Blume earlier this year said intense discussions on Bugatti's future were ongoing and that Rimac could play a role as the brands were a good technological fit, adding that a decision was expected in the first half of 2021.  

Porsche 911 GT3 named Performance Car of the Year by Road & Track

The Porsche 911 GT3 is a very, very good performance car. Yes, we know this is like saying fire is hot and a shovel to the head hurts. What's different about this proclamation, then? Well, we bring up the 911 GT3's inherent goodness because our friends at Road & Track have named it their 2015 performance car of the year.
This is, our joking aside, a big accomplishment for the 911 GT3, due largely to the field of cars it beat out. There were many equally track-focused wonders in attendance, including the Ferrari 458 Speciale, Chevrolet Camaro Z/28 and Dodge Viper SRT TA, as well as more capable everyday vehicles, like the Jaguar F-Type R Coupe, BMW M3 and Ford Mustang GT.
But it was the 475-horsepower, rear-engined track star that R&T fell for, with editor-in-chief Larry Webster calling out the Porsche's ridiculous, howling, 9,000-rpm redline, while other editors cited its phenomenal handling character.