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Porsche again staring down another $1.8B in hedge fund lawsuits

The sequence of events from 2007 that began with Porsche's secret attempt to take over Volkswagen, and instead lead to Porsche being taken over by VW, continues to instigate lawsuits against the Stuttgart sports car manufacturer. A group of hedge funds that suffered over $1 billion in losses sued the car company in New York. Porsche had publicly stated it wasn't trying to buy VW, the hedge funds in question were shorting VW stock, and when Porsche's actual intentions were revealed, the stock shot up and the hedge funds took a beating.
The case was thrown out over the issue of jurisdiction, then appealed, only to see another suit filed on top of that. After that, most of the hedge funds withdrew their claims in New York and Porsche offered a 90-day window to refile in Germany where it is already fighting a number of other suits over the same issue. The hedge funds accepted the offer, refiling in Stuttgart for $1.8 billion in damages. According to Bloomberg, Porsche hasn't commented on the refiling, but as the same plaintiffs are involved, it's safe to assume that the carmaker still feels the case is "unsubstantiated and without merit." It has fared alright so far even in German courts, with two lesser cases against it thrown out last year.

Porsche 919 Hybrid revives Porsche's factory Le Mans efforts

After months of teasing with camouflaged testers, Porsche has finally unveiled its prototype entry for the 2014 World Endurance Championship, the 919 Hybrid. Porsche, you may recall, hasn't had campaigned a factory team at Le Mans in years, so the 919 is nothing less than their recommitment to endurance racing.
Combining a 2.0-liter V4 (yes, a V4) that revs to 9,000 rpm, the 919 produces around 500 horsepower with a pair of energy recovery systems. The first system recovers the heat energy from exhaust gasses as they pass through an electrical generator, while the second system is a bit more familiar. Using a setup similar to what is found on the production 918 Spyder, a generator on the front axle recovers kinetic energy from the brakes, which is subsequently stored in a battery system. That power can then be sent to the front wheels at the driver's command, effectively turning the 919 into an all-wheel-drive racecar.
Despite these various forms of motivation, Porsche doesn't claim to be seeking outright power supremacy, with Chairman Matthias Müller saying, "In 2014, it will not be the fastest car that wins the World Endurance Championship series and the 24 hours of Le Mans, rather it will be the car that goes the furthest with a defined amount of energy. And it is precisely this challenge that carmakers must overcome. The 919 Hybrid is our fastest mobile research laboratory and the most complex race car that Porsche has ever built."

Porsche 919 Hybrid collides with 911 at Silverstone

Endurance racing is tough, in part because drivers must share the track with a whole variety of cars traveling at different speeds. That can be especially difficult for the front-running prototypes, which have to keep up the pace while overtaking slower cars. Just ask Brendon Hartley, whose spectacular crash in a Porsche 919 Hybrid while overtaking a 911 thankfully resulted in no injuries. The defending champion was scything his way through lapped back-traffic in the season opener this past weekend for the FIA World Endurance Championship when he apparently miscalculated a passing maneuver while exiting the corner. Hartley was reprimanded for the collision that took both cars out of the race but fortunately left both drivers unscathed. Worse yet was that he and his teammates were on track to win the race, and ended up watching the rest of the race from the pit lane. Instead an Audi R18 crossed the finish line first – but the race win was subsequently handed instead to another Porsche 919 during post-race scrutineering. Audi is appealing the decision, but Hartley and his co-pilots Timo Bernhard and Mark Webber will have some ground to make up if they hope to retain their crown this season. Related Video: News Source: bmwcrash1 via YouTube Motorsports Porsche Videos silverstone fia wec porsche 919 hybrid