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Porsche's former CEO Wiedeking to stand trial over VW-share manipulation

Former Porsche CEO Wendelin Wiedeking (left in the above photo) could potentially be facing some time in the slammer after all. The last we had heard, he and former Chief Financial Officer Holger Haerter (right) had avoided a trial in April due to a lack of evidence. However, an appeals court in Stuttgart has looked at the case again and overruled the earlier decision, finding that the executives should be tried for share manipulation during Porsche's failed attempt to take over Volkswagen in 2008, Bloomberg reports.
The judges in the appeal "list numerous indications that could suggest that there was a hidden decision to increase the stake as they could suggest the opposite evaluation by the lower court," said Stefan Schueler, a spokesperson for the court, in a statement cited by Bloomberg. Wiedeking and Haerter put out their own releases saying that there was no merit to the charges.
The prosecutors allege that Wiedeking and Haerter had a plan to buy up VW stock options in 2008 to take the automotive giant over but hid it from investors. The whole thing was a massive failure and eventually allowed VW the chance to acquire Porsche and forced the two execs to step down. In addition to the criminal investigation, hedge funds have attempted to sue the company multiple times in civil court for the same reason, but they have repeatedly failed.

$1.4B hedge fund suit against Porsche dismissed

Investors have canvassed courts in Europe and the US to repeatedly sue Porsche over its failed attempt to take over Volkswagen in 2008 (see here, and here and here), and they have repeatedly failed to win any cases. You can add another big loss to the tally, with Bloomberg reporting that the Stuttgart Regional Court has dismissed a 1.4-billion euro ($1.95B US) lawsuit, the decision explained by the court's assertion that the investors would have lost on their short bets even if Porsche hadn't misled them.
Examining the hedge funds' motives for stock purchases and the bets that VW share prices would fall, judge Carola Wittig said that the funds didn't base their decisions on the key bits of "misinformation," and instead were participating simply in "highly speculative and naked short selling," only to get caught out.
With other cases still pending, the continued streak of victories bodes well for Porsche's courtroom fortunes, since judges will expect new information to consider overturning precedent. If there is any new info, it could come from the potential criminal cases still outstanding against former CEO Wendelin Wiedeking and CFO Holger Härter, who were both indicted on charges of market manipulation.

Porsche 911 GT3 RS revealed in patent photos

Porsche has been taking its time developing the most hardcore 911 models for the latest 991 chassis. While the GT3 has been on the market for a little while, it suffered from some teething issues. The 911 GT3 RS is certainly on the radar since being spotted testing, but it's always better to get a look at a new car without all of the camo to hide the coolest parts. Thankfully, Car in the UK has some patent photos of the RS ahead of its debut, and they show off one mean-looking 911.
The first thing that you notice about the RS is that Porsche clearly isn't afraid to rework the latest 911's shape for its track-focused version. Each piece is slightly resculpted to squeeze the most out of it. Up front, the air dam has the same shape to the earlier photos. They also both highlight the upcoming model's tiny air inlet at the tip of the hood, the massive intakes in the rear fenders and general design of the rear wing with a ducktail underneath. The bubbled roof is much clearer here, where it was disguised in spy shots. You can also spot the slashing fender gills behind the front wheels that are a completely new feature.
The GT3 RS is the ultimate naturally aspirated 911 for the street, but according to Car, Porsche aims to take that even farther with the latest model. If these are the looks, then it's working. Unfortunately, the new version's powerplant remains a mystery. Though, given all the changes to the bodywork, the engine is almost surely getting tweaked over the 475-horsepower GT3. The RS is rumored to hit the road and be screaming down the track in 2015.