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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.

Ferdinand Piech (1937-2019): The man who made VW global

Towering among his peers, a giant of the auto industry died Sunday night in Rosenheim/Upper Bavaria, Germany. Ferdinand Piech, a grandson of Ferdinand Porsche, who conceived the original Volkswagen in the 1930s, was the most polarizing automotive executive of our times. And one who brought automotive technology further than anyone else. Ferdinand Porsche had a son, Ferdinand (called "Ferry"), and a daughter, Louise, who married the Viennese lawyer Anton Piech. They gave birth to Ferdinand Piech, and his proximity to two Alfa Romeo sports cars — Porsche had done some work for the Italians — and the "Berlin-Rome-Berlin" race car, developed by Porsche himself, gave birth to Piech's interest in cars. After his teachers in Salzburg told his mother he was "too stupid" to attend school there, Piech, who was open about his dyslexia, was sent to a boarding school in Switzerland. He subsequently moved on to Porsche, where he fixed issues with the 904 race car and did major work on the 911. But his greatest project was the Le Mans-winning 917 race car, developed at breathtaking financial cost. It annihilated the competition, but the family had had enough: Amid growing tension among the four cousins working at Porsche and Piech's uncle Ferry, the family decided to pull every family member, except for Ferry, out of their management positions. Piech started his own consultancy business, where he designed the famous five-cylinder diesel for Mercedes-Benz, but quickly moved on to Audi, first as an engineer and then as CEO, where he set out to transform the dull brand into a technology leader. Piech killed the Wankel engine and hammered out a number of ambitious and sophisticated technologies. Among them: The five-cylinder gasoline engine; Quattro all-wheel drive and Audi's fantastic rally successes; and turbocharging, developed with Fritz Indra, whom Piech recruited from Alpina. The Audi 100/200/5000 became the world's fastest production sedan, thanks to their superior aerodynamics. Piech also launched zinc-coated bodies for longevity — and gave diesel technology a decisive boost with the advent of the fast and ultra-efficient TDI engines. Less known: Piech also decided to put larger gas tanks into cars. Customers loved it. Piech's first-generation Audi V8 was met with derision by competitors; it was too obviously based on the 200/5000.

VW issues orders for police version of e-Golf

If the Toyota Prius could be used (in fiction, anyway) as a quiet way to do a drive-by shooting, then a pure electric vehicle should have some silent benefits for the police. It's happening in the real world thanks to the new police-spec VW e-Golf. On display at an international police equipment conference in Germany this week (the Internationalen Fachmesse fur Polizeiausrustung), the 5-0-ready EV has a special paint job as well as the required top lights and digital communications gear. VW says the special e-Golf also stands ready to serve the mission of emissions reduction. The powertrain is the same as what you'll find in the civilian e-Golf, which means an 85-kW electric motor that can zip up to 62 miles per hour in 10.4 seconds and a li-ion battery that provides something between 80 and 118 miles of range. We imagine using this little car for a high-speed car chase will shrink that down a bit. Volkswagen Konzern prasentiert Fahrzeuge mit Spezialausstattung auf Polizei-Fachmesse Internationale Premiere: Der e-Golf* als Polizei-Einsatzfahrzeug Der Volkswagen Konzern prasentiert eine breite Palette seiner Fahrzeugmodelle mit speziellen Polizei-Sonderausstattungen auf der 8. Internationalen Fachmesse fur Polizeiausrustung. Vertreten sind die Marken Volkswagen, Audi, SEAT, SKODA und Volkswagen Nutzfahrzeuge. Die Volkswagen Leasing GmbH komplettiert als Finanzdienstleister den Konzernauftritt. Die Fachmesse findet vom 9. bis 11. September 2014 auf dem Messegelande in Leipzig statt. Als Messehighlight wird der e-Golf als Polizeieinsatzfahrzeug prasentiert. Damit verfolgt Volkswagen auch in diesem speziellen Fahrzeugsegment das Ziel der Schadstoffreduktion. Die Ausstattung umfasst neben der Sondersignalanlage unter anderem Digitalfunk und das klassische Erscheinungsbild in typisch blauer Beklebung. Ausgestellt werden weiterhin ein Golf Variant, ein T5 und ein Audi Q5 als Funkstreifenwagen sowie ein SKODA Octavia Kombi RS und ein SEAT Leon FR in der zivilen Variante. Fachbesucher finden den Volkswagen Messestand in der Halle 1, Stand H02. Der e-Golf uberzeugt mit einem wegweisend niedrigen Verbrauch von 12,7 kWh/100 km. Der Elektromotor leistet 85 kW/115 PS und entwickelt aus dem Stand maximal 270 Nm Drehmoment. In 4,2 Sekunden werden 60 km/h erreicht, nach 10,4 Sekunden 100 km/h. Die Reichweite liegt je nach Streckenprofil, Fahrweise, Einsatz von Komfort- und Nebenverbrauchern sowie Zuladung zwischen 130 und 190 Kilometern.