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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.

1989 Porsche 911 Turbo rolls out of Harry's Garage

It's getting increasing hard not to feel a little envious of Harry Metcalfe's collection of vehicles, especially with his latest purchase. He now owns the trinity of '80s European supercars with an '87 Lamborghini Countach, an '87 Ferrari Testarossa, and the recent addition of an '89 Porsche 911 Turbo. With the other two already featured in videos, the example from Stuttgart gets the focus in Metcalfe's latest clip. These turbos have a reputation for being a bit of a handful to drive, and according to Metcalfe that notoriety isn't entirely undeserved. With no power steering, floor-mounted pedals, oddly placed controls and lots of turbo lag, this era of 911 Turbo is difficult to master. However, it's a wonderful challenge that really engages the driver, according to Metcalfe. While a very different vehicle from the Countach or Testarossa, it's clear that this 911 Turbo is still a beloved member in Metcalfe's trio of '80s supercars. Let him give you a detailed explanation why in this video.

Fatal Tesla Autopilot crash, Porsche debuts 2017 Panamera | Autoblog Minute

A roundup of this week's car news includes the first fatal Tesla Autopilot crash and Porsche's reveal of the 2017 Panamera. Senior Producer Chris McGraw reports on this edition of Autoblog Minute. Show full video transcript text [00:00:00] A motorist is killed while using Tesla Autopilot. In what is believed to be the first fatal accident involving Tesla's autonomous driving feature, the Model S failed to stop when a tractor trailer drove across the highway perpendicular to the Model S, and the car drove underneath the truck. Tesla said the trailer's white paint set against the bright sky were the reason the driver and the Autopilot didn't stop the car. Tesla also called this accident a "tragic loss," and pointed out that it's the first death involving Autopilot in more than 130 million miles. The National Highway Traffic Safety Administration [00:00:30] has opened a preliminary evaluation of Tesla's Autopilot. Its evaluation will look at the design and performance of Autopilot during the crash. Find more details at Autoblog.com. The 2017 Porsche Panamera made its official debut this week. With a clear styling link to the Porsche 911, we think this is the best looking Panamera yet. The new Panamera's body is made mostly from aluminum, minus some high-strength steel and optional large panoramic roof overhead. A completely new range of engines powers the second-gen Panamera, starting [00:01:00] with a twin-turbo 2.9-liter V-6 that puts out 440 horsepower and 405 pound-feet of torque. The Panamera Turbo boasts a 4.0-liter, twin-turbo V8 with 550 hp and 567 lb-ft. Both the 4S and the Turbo come with standard all-wheel drive and an eight-speed PDK dual-clutch automatic transmission. Porsche is claiming that this Panamera set the Nurburgring record for a production sedan finishing just 14 seconds quicker than the outgoing model. We expect to see the 2017 [00:01:30] Porsche Panamera hit deals in January of 2017. Find more details at Autoblog.com. I'm Chris McGraw. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. Porsche Tesla Autoblog Minute Videos Original Video