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$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.

Lanzante building 11 Porsche 930 restomods with actual F1-raced engines

In " Casino Royale," James Bond gets a lesson in tailored clothing when Vesper Lynd gives him a new dinner jacket. Bond tell her he already has a jacket, and Lynd replies, "There are dinner jackets and dinner jackets. This one is the latter." News from Lanzante makes us paraphrase that line in saying, "There are 911 restomods and 911 restomods." Lanzante's is definitely the latter. The English engineering firm is building 11 Eighties-era Porsche 930s with genuine TAG-branded Porsche engines that the McLaren Formula One team used to win 25 races. From 1984 to 1987, Porsche built a 1.5-liter turbocharged V6, branded as the TAG-Porsche TTE P01, for the McLaren MP4/2 and MP4/3; if the naming seems odd to cover four years, it's because McLaren raced the MP4/2B and MP4/2C in 1985 and 1986. The engine produced more than 1,000 horsepower in qualifying trim, and 750 hp in race spec. In its first three years on the grid, the engine powered McLaren to two Constructor's Championships, and three Driver's Championships for Niki Lauda and Alain Prost. During that time, McLaren built a prototype Porsche 930 with that TAG engine, but kept it so far out of sight that people spoke of it as a rumor. The English carmaker finally proved the rumor true a few years ago when it put the prototype on display in the lobby of its Woking headquarters. Enter Lanzante, which has a history with McLaren going back to at least 1995, when it prepped the Veno Clinic McLaren F1 GTR that won Le Mans that year. More recently, it built road-legal P1 GTRs called the P1 GT, and a one-off P1 Longtail. McLaren sold Lanzante the 11 engines for this run of monstrously overpowered Porsche coupes, and Lanzante showed off the first example at the recent Rennsport Reunion at Laguna Seca — news that somehow got lost in the general Porsche overdose and Moby Dick revival. Built just like the original McLaren-Porsche prototype, no one will think anything's astray with the new version's white bodywork and RUF wheels. The camouflage continues inside, where a pair of upholstered racing buckets might offer a small clue. The instrument panel gives things away, containing a tachometer branded "TAG Turbo" with a 9,000-rpm redline, and a water temperature gauge. Cosworth is restoring the engines for the program, and each of the 11 examples gets a plaque in the engine bay listing its engine's race history.

Rough seas delay salvage operation for burning ship carrying luxury cars

LISBON — Rough waters forced authorities on Wednesday to postpone a salvage operation for a ship packed with luxury cars that have been on fire for a week in the middle of the Atlantic Ocean, a port official said. With teams unable to board the Felicity Ace, heavy tug boats sprayed water to cool the vessel, which is carrying around 4,000 vehicles, including Porsches, Audis, Lamborghinis and Bentleys. Lamborghini of America CEO Andrea Baldi told Automotive News that there were dozens of pre-sold Lamborghinis aboard, mostly the Urus SUV. But also some Huracans and Aventadors, the latter of which have ceased production. The ship's 22 crew members were evacuated last Wednesday, the day the fire began. Some of the vehicles are electric, and their lithium-ion batteries have made the fire very difficult to extinguish, port officials have said. Joao Mendes Cabecas, the captain of the nearest port on the Azorean island of Faial, said the blaze had lost its intensity — probably because there was little left to burn. Salvage teams hoped to board the ship, which is is adrift around 170 km southwest of the Azores near Portugal, to assess its condition and start preparing it for towing, the Portuguese navy said in a statement on Tuesday. The navy took photos of the ship that showed a gaping hole at least four decks high, with burn marks running the length of the ship. It is unclear if the vessel will be towed to the Bahamas or Europe. Cabecas told Reuters bad weather prevented the team from boarding the ship. Waves as high as 2.5 meters battered the coast of Faial on Wednesday, Portugal's weather agency IPMA said. The salvage team was expected to be flown to the ship on a helicopter belonging to the Portuguese air force, which will decide on Thursday if the operation can proceed, Cabecas said. Ship manager Mitsui O.S.K. Lines Ltd (MOL) said in a statement on Tuesday the vessel was still on fire but stable, and that no oil leak had been reported so far. It did not respond to a Reuters request for comment on the cause of the fire. Insurance experts said the incident could result in losses of $155 million.   Weird Car News Audi Bentley Lamborghini Porsche