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Man steals Porsche, brags on video, then crashes into wall

Here's your daily reminder that thieves are morons. This also serves as reminder that not everything you do needs to be committed to video. A man in Gloucester, a city in southwest England, was stupid enough to steal a Porsche Boxster and then take a video in it. Oh, and of course, he crashed it. Now, we'll give this dimwit, 25-year-old Jamie Lee Sharp, some credit – he didn't actually admit that he stole the car on video, at least based on the 45-second clip released by Gloucester police and hosted by The Guardian. According to the story, there was more footage, which included Sharp driving the car and phoning friends, before he crashed it into a wall. It's not clear if the crash was caught on video, though. Following the crash, Sharp's accomplice, 26-year-old James Honeywell, abandoned him at the scene of the wreck. Both thieves were arrested following the January incident, though, and were just recently sentenced by British authorities following guilty pleas. The crown awarded Sharp's actions with a four-year stay in one of Her Majesty's prisons for burglary, aggravated vehicle taking, driving while disqualified, drunk driving, and driving without insurance. Honeywell got 35 months burglary, aggravated vehicle taking, and failure to appear at court. His license was also suspended for nearly two and half years, too, The Guardian reports. Related Video: News Source: The GuardianImage Credit: Gloucester Constabulary Government/Legal Porsche Convertible Videos viral video crime

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.

More details on Lanzante's F1-engined Porsche 930 restomod

Not long after last year's Porsche Rennsport Reunion, we posted on Lanzante Engineering's restomod project with the original Porsche 911 Turbo. McLaren Formula One used TAG-branded Porsche engines for four years in the 1980s to win two constructor's and three driver's championships. McLaren sold 11 of those engines to Lanzante — nine of which have been raced, one with a win to its credit — and Lanzante is installing them into the original chassis of some 930s. PistonHeads stopped by the shop to find out more. By the end of its service in the MP4/3, the TAG-Porsche TTE P01 motor rang up 1,060 horsepower in qualifying and 960 hp in the race, revving to a 12,600-rpm redline. Porsche engine legend Hans Mezger had led the development, coaxing those numbers from just 1.5-liters of V6 aided by two large KKK turbos at a max of four bar. All that was fine for a time when F1 ran with unlimited testing and unlimited parts, but a modern owner doesn't want to pay five techs to live in his garage and keep his car running. Lanzante asked Cosworth to make the engine more drivable and reliable. Cosworth installed a new crankcase, adjusted the air-fuel mixture, and installed smaller turbos for quicker power delivery, decreasing max boost by 25 percent to three bar (43 psi). The redline has come down to 9,000 rpm, for final output figures of 503 hp and 310 pound-feet of torque. According to PistonHeads, power climbs a "steady incline to redline," and more than half the rev band delivers maximum torque. The 503-hp rating doesn't sound like much today, when a Mustang gets more than 700 hp. Yet the first 930 Turbos got 296 hp and 243 lb-ft from a 3.0-liter flat-six with one big KKK turbo. The most powerful 930 Flatnose worked up 330 hp and 347 lb-ft from a 3.3-liter flat-six. Lanzante's taken out a ton of weight, though. The TAG engine is already 220 pounds lighter than the 930's 3.3-liter; a new carbon fiber hood and engine cover, and aluminum door skins shed more pounds. The total package weighs roughly 2,430 pounds, which is more than 500 pounds lighter than the original Porsche Turbo. That includes the extra pieces needed to make an F1 engine power a passenger car. Lanzante had to swap in a 930 Flatnose front bumper, which replaces the fog lights for oil coolers. The team put radiators at the front of the car as part of a brand new water cooling system. The climate control is entirely electric, because F1 cars didn't come with HVAC.