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German judge 'inclined to dismiss' hedge fund lawsuit against Porsche

Last year, around two dozen investors, including hedge funds, leveled a 1.4 billion euro ($1.95 billion at the time) lawsuit against Porsche in connection with the automaker's attempted takeover of Volkswagen in 2008. The Stuttgart Regional Court dismissed the case. Around 19 of those plaintiffs are heading back to court to appeal the ruling and still hope to get 1.2 billion euros ($1.4 billion). However, according to one German judge, the chances for success aren't any better this time around. "On balance it's our view that we consider the lawsuit, or the appeal, to be unpromising for several reasons," Gerhard Ruf, a judge in Stuttgart, said to Reuters. "We are inclined to dismiss the case." The court's ruling on the appeal will be announced on March 26. The investors' case hinges on Porsche's strategy surrounding the botched takeover. The sports car maker said that it wasn't trying to control VW, when in fact it was. These hedge funds had bet against Volkswagen stock, but the share price surged when Porsche's plan inevitably came to light. Investors have sued the sports car company multiple times since then in attempts to recoup billions of dollars. However, none of the lawsuits have been successful, whether attempted in the US or Germany. Former Porsche CEO Wendelin Wiedeking and and CFO Holger Haerter might still stand trial for the alleged stock manipulation, though. News Source: ReutersImage Credit: Matthias Rietschel / AP Photo Government/Legal Porsche Volkswagen lawsuit hedge funds porsche lawsuit

Porsche 911 R is made for the purist

Who wouldn't welcome a new version of the Porsche 911 with ultra-light weight, a GT3 RS motor, a stripper interior, and a core philosophy of driving fun over outright lap times? The iconic Porsche 911 has been getting larger and more complicated with each passing generation, and that hasn't sat well with every engineer at Porsche. So there's a ready market out there for 911 R, a limited-edition show stopper of just 911 cars, due to start production in Zuffenhausen, Germany, in May. It's a car that combines a unique version of the six-speed manual gearbox, plenty of raw, naturally aspirated flat-six power, and all the feel of a cut-price version of the 911 GT3 RS pseudo racer. Yes, Porsche is bringing the beloved six-speed stick back to the sharp end of the 911, even though the brand's quickest cars are now dominated by the seven-speed dual-clutch transmission (and the less loved seven-speed manual). Porsche insists that the RS is still the 911 to have if it's stopwatch-bashing you need to do. Instead, the 911 R developers focused on trying to give it the most driving purity it could cram in. The most traditional way for motorsport operations to do that has always been to rip out weight. And Porsche Motorsport didn't diverge from the plan. The 911's rear seats have been thrown out, along with a raft of other pieces Porsche Motorsport thought it could either do without completely, redesign to be lighter or stronger, or both. View 18 Photos The R cuts 110 pounds from the next-lightest 911 variant, hitting 3,020 pounds on the scales. The pound-cutting starts at the body and bores all the way into the 911 R's chassis components, though there are some obvious nods to the marketing department that survived the dietician's axe. There is a lot of 911 GT3 in the body, with a combination of a carbon fiber (bonnet and front guards), a magnesium roof, polycarbonate front and side "glass," and aluminum everywhere else. The R cuts 110 pounds from the next-lightest 911 variant, hitting 3,020 pounds on the scales. While the 911 R has lurid (and deletable) red or green racing stripes as standard, it's not supposed to be as wild looking as the GT3. Porsche replaced the GT3's adjustable, tall-standing rear spoiler with a more-subtle pop-up version, and the R uses a rear diffuser under the bumper to offset any loss of rear downforce. The rear seats are gone, and the two remaining seats use carbon fiber shells upholstered in tartan cloth (another nod to early 911s).

'We're not a hedge fund': Porsche plans to curtail speculators and flippers

A sizable number of speculators view cars as an investment. Rare or unusual models are quickly snapped up and either parked for years or flipped for a profit. Cars from automakers like Porsche and Ferrari are more prone than others, and at least some people behind these models are getting a bit tired of it. While it's difficult to police what goes on after you sell a car, Porsche has some plans that might curtail the problem before it starts. Andreas Preuninger, the head of GT road-car development and the man behind the new 911 GT3, spoke to Car and Driver at a recent event. "I personally like to see my cars being used," he said. "That's what we build them for. They are just too good to be left to stand and collect dust." One recent example of this rampant speculation is the 911 R. While the special manual-only model sold for $185,950 when new, used versions were selling for nearly $1.3 million just months after it went on sale. While the car is a masterpiece and an instant classic, a good number will be parked and simply used as art and not the rolling testaments to the man/machine interface they were intended to be. The concern over valuations has become so fierce that some owners are upset that Porsche is offering the new 911 GT3 with a manual transmission, fearing that it may hurt the value of the 911 R. "When I said we're not a hedge fund, I'm talking to those people who are yelling at us for offering the manual transmission similar to the R," Preuninger said. "But if there are people wanting to buy cars like that, then as a company we should try to fulfill that, to meet that demand." It seems Porsche is keeping a close eye on who is flipping cars. Since there is often far more demand than supply with certain models, the German automaker has a name for every car before it's built. Buyers with bad reputations might not even make the wait list. Related Video: