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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.

One Lap of America, with three times the madness

Instead of celebrating last weekend face down in a sombrero full of tequila-spiked OJ and a few lime wedges, 71 racing teams with one set of tires each and no support crews began Cinco De Mayo — and this year's 35th running of the One Lap of America — by hitting the wet skid pad at Tire Rack's headquarters in South Bend, Ind. There were Porsches, Vettes, Camaros and BMWs galore. There was a Miata, a vintage NSX, a Honda S2000 and even an old VW Rabbit. There were GTIs, the odd Evo and, oh yeah, six Toyotas, a couple of Vipers and a couple of GTRs. When the skidding stopped, a 2011 BMW 1M emerged triumphant and led the pack out into the heartland, where it will spend 5,000 miles this week hitting road courses, dragstrips and time trials at tracks as far west as Denver, as south as Fort Worth and then New Orleans. From there, it will barrel north through Mississippi, Alabama, Nashville, Kentucky and back home again to Tire Rack in Indiana. Twenty events, eight venues, with a three-hour window for each event. It's a nonstop, no-sleep, one-week road trip comprising 150-ish friends and brothers, partiers and pro racing drivers, spouses and other family-member combo packs. Some will never speak to each other again, some might end up divorced, some might get married. All of them are nuts. I know this because I made three laps. Three laps I will never forget.LAP ONE: 1984 Vehicle: 1984 Dodge Van Team #0: Jean Lindamood (Jennings), Walker Evans, Parnelli Jones I was present for the inaugural 1984 One Lap of America because I worked at Car and Driver back then and so did Brock Yates. He was the guy who came up with the clandestine, illegal, unsanctioned Cannonball Baker Sea-to-Shining-Sea Memorial Trophy Dash from Connecticut to Redondo Beach, Calif. It ran five times in the 1970s, with Yates joining Dan Gurney in a Ferrari Daytona for the second run. They won, Gurney insisting that "at no time did we exceed 175 miles per hour." One Lap was born of Cannonball nostalgia (read: Brock was bored), and I was beyond game for it. After securing a van from Dodge and two giant decals for the van sides, along with $5,000 in sponsorship from local Detroit Stroh's Brewery, I coaxed my friend, nine-time Baja 1000 winner Walker Evans, into running One Lap by suggesting he didn't have a hair on his ass if he refused. Then I suggested that if he didn't get his best friend and longtime road trip buddy, Parnelli Jones, to go with us, I would actually have to drive the van, too.

Porsche acquires Kyalami race track at auction

With more victories under its belt than any other manufacturer, you could say, in a figurative sense at least, that Porsche owns countless numbers of race tracks around the world. But here we're not talking about figuratively owning a track - we're talking about literally buying one. And Porsche has just bought Kyalami.
Kylamai, for those unfamiliar, is a grand prix circuit near Johannesburg in South Africa. Between 1967 and 1985, and again in '92 and '93, it was home to the South African Grand Prix, and has since hosted a variety of local and lower-level international races, but apparently fell on hard times. As a result, the track's owners - listed as Universal Property Professionals - put it up for auction. Bidders had to deposit four million Rand (about $380k) to participate, but after just 50 seconds, the auction was over.
The winning bid was placed - via telephone from the local press launch for the Macan - by Porsche South Africa CEO Toby Venter, who bid a reported 205 million rand (about $19.5 million) to take over the complex. The German automaker's South African division reportedly intends to keep the track open for racing, but could also be expected to use the facility for testing, customer track days and such moving forward.