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Former Porsche CEO Wiedeking indicted over VW takeover bid

Do you recall the failed efforts by Porsche to take over Volkswagen? According to a Bloomberg report, former Porsche CEO Wendelin Wiedeking (above) and ex-CFO Holger Haerter have finally been charged with market manipulation over the exercising of options as part of the German sportscar manufacturer's ill-fated attempt to take over the much larger VW. That failed bid eventually resulted in the reverse coming true - VW swallowing Porsche.
The charges leveled by Stuttgart prosecutors come after a three-year investigation centered around allegations that Porsche execs made a concerted effort to increase the company's share in VW to 75 percent in preparation for a hostile takeover. Porsche had previously told its investors on at least five occasions that it had no intention to buy VW.
Portions of the investigation have subsided, according to prosecutors, citing an inability to prove certain improprieties with a "necessary degree of certainty." The number of charges is down to 5 from a previous 14 counts regarding "information-based market manipulation."

Former Porsche boss Wiedeking won't face criminal charges over VW bid

Hedge fund managers have been suing Porsche for years now, alleging that the car company lied about its intentions during its failed attempt to take over Volkswagen, a gambit that caused them billion in losses. Over the same period, authorities in Stuttgart built a criminal case against former CEO Wendelin Wiedeking (above, left) and Chief Financial Officer Holger Härter (right), filing charges in December 2012. When those fund plaintiffs lost their most recent court case, one of the dimming lights in the dark and receding tunnel was that the criminal investigation might unearth more evidence about Porsche's actions that could help the plaintiffs in pending litigation.
Bloomberg reports that another light has gone out, though, with a Stuttgart court dismissing the market manipulation case before going to trial because, as a court spokesperson said, "there wasn't enough evidence backing up the charges." When prosecutors get the files back from the court, they have a week to decide to refile, but unless they've been sandbagging evidence that could bolster the case, the only lights at the end of the tunnel will be those welcoming Wiedeking and Härter back to the world of legally unencumbered men.

Parents of terminally ill child sue after son dies following make-a-wish-style ride

Some stories are so sad and depressing, they make you want to go back to bed and pull the covers over your head. This is one such story. 14-year-old Raphael Wittman was suffering from an unspecified form of terminal cancer when he was invited by the children's cancer charity Kinder Krebs Hilfe to a charity drive organized by Porsche Forum Austria. During the drive, the Porsche Boxster Wittman was riding in was involved in a head-on collision. Both of his legs were broken and he bit off his tongue in the wreck. He died seven weeks later, in a Vienna hospital. Now, his father is suing the charity, claiming that the accident robbed his son of the will to live.
"The accident set off a chain of events starting with the doctors putting him on new medication for the cancer he had. He was always a fighter, but suddenly he was saying that he was not going to fight any more," Franz Wittman told Austria's Kurier, according to The Guardian. "We would have had a wonderful last time together [on vacation] but it never happened because of the accident."
Father and son were originally planning to go to Tenerife to spend time together, although those plans were cancelled following the accident.