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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.

Autoblog Podcast #389

Episode #389 of the Autoblog podcast is here, and this week, Dan Roth, Chris Paukert, and Mark Pereira from Autoblog Canada talk about Johan deNysschen's move to Cadillac, rumors of more BMW nomenclature changes, a second generation for the Subaru BRZ, and cars from 2004 that we miss. We start with what's in the garage and finish up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the new rundown below with times for topics, and you can follow along down below with our Q&A. Thanks for listening! Autoblog Podcast #389: The video meant to be presented here is no longer available. Sorry for the inconvenience. Topics: Johan de Nysschen moves to Cadillac BMW model designations changing even more Subaru BRZ getting second generation Cars We Miss In the Autoblog Garage: 2014 Ducati 899 Panigale 2015 Hyundai Sonata 2015 Volkswagen GTI 2015 Chevrolet Silverato 2500 Diesel Hosts: Dan Roth, Chris Paukert, Mark Pereira Runtime: 01:59:10 Rundown: Intro and Garage - 00:00 Johan deNysschen - 36:12 BMW Nomenclature - 53:58 BRZ - 56:27 Cars We Miss - 01:05:07 Q&A - 01:30:09 Get the podcast: [UStream] Listen live on Mondays at 10 PM Eastern at UStream [iTunes] Subscribe to the Autoblog Podcast in iTunes [RSS] Add the Autoblog Podcast feed to your RSS aggregator [MP3] Download the MP3 directly Feedback: Email: Podcast at Autoblog dot com Review the show in iTunes Auto News Hirings/Firings/Layoffs Podcasts BMW Cadillac Chevrolet Hyundai Subaru Volkswagen

Audi, Fiat squabbling over numbers and letters

There have been rumors and speculation and prognostications about a Nissan Juke- and Mini Cooper-fighting Audi Q2 since 2012. There have been the same for a performance-oriented Q4 since 2011, perhaps previewed by the TT Offroad concept shown last year at the Beijing Motor Show. Turns out that those two alphanumeric combos are the only ones missing from the series Q1 to Q9 in Audi's trademark stable, and the Ingolstadt company wants to get them to make its badge sequence and crossover lineup complete. But Fiat owns them, and rumor is, CEO Sergio Marchionne appears to have no interest in selling them. Fiat has used the Q2 and Q4 like trim badges, identifying whether a company product has two-wheel or all-wheel drive. They did it with the Alfa Romeo 159 sedan, and they do it now on the Maserati Quattroporte S and Ghibli S Q4 sedans. Car magazine says Marchionne "may not be categorically opposed to selling the rights," but he absolutely won't do it to any fiefdom in the Volkswagen empire, which would leave Audi a jilted suitor. Why is Sergio being so serious? VW Group CEO Ferdinand Piech first starting waving torches on the bridge between the two companies when he said Alfa Romeo could sell four times as many cars if Volkswagen owned it, then burned the bridge when it continued to publicize its desire to buy Alfa Romeo. VW followed that up by throwing salt on the land around the destroyed bridge with its aggressive pricing in Europe during the worst of the car sales slump there, which Marchionne said was causing a "bloodbath." VW's final flourish was to set the river itself on fire, when a press officer said Marchionne wasn't qualified to head the European Automotive Manufacturers Association (ACEA) and VW would quit the organization if he did take the top spot. That is why, putting it optimistically, Audi looks to have a grim chance of getting the Q2 and Q4 marques from the Italian. So long as he is in power, at least: Marchionne said he's walking away from the job in 2018. Audi might have a better chance bending the knee to, and generously rewarding, his successor. Featured Gallery Audi TT Offroad Concept: Beijing 2014 View 16 Photos News Source: CarImage Credit: Live images copyright 2015 Chris Paukert / AOL Government/Legal Audi Fiat Volkswagen Crossover Luxury Sergio Marchionne trademark volkswagen group