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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.

2016 Porsche 919 Hybrid sharpens up to defend its titles

Porsche made a clean sweep of LMP1 racing last season, winning the 24 Hours of Le Mans as well as the FIA World Endurance Championship for both drivers and manufacturers. And now that it's back on top of the podium, it's not about to step down again without putting up a fight. To that end, witness the newly revised 919 Hybrid. Revealed ahead of the season's start with the Prologue event at the Paul Ricard circuit in France, the 2016 Porsche 919 Hybrid is an evolution of the version that debuted in 2014 and trounced the competition in 2015. But Audi and Toyota – with their similarly revised R18 and TS050 – will be at least as hungry this year to dethrone Porsche as Porsche will be to retain its titles, so the racing engineers in Weissach have made made a number of revisions. The chassis and basic engine architecture, of course, are the same, with a two-liter turbocharged V4 assisted by a brake energy recovery system at the front and exhaust energy recuperation at the back. But the engine now uses less fuel, so it can run longer between pit stops – a vital element of the strategy when racing for hours on end. The aerodynamics were made more adjustable so that the team can switch between three packages depending on the type of track they're running. While they were at it, those notoriously exacting German engineers managed to cut some excess weight out as well. And instead of the three different color liveries like last year, this season the 919 Hybrid will run under a common livery of black, white, and red – which hopefully won't get mixed up with those of its rivals from Audi and Toyota. We guess we'll all find out when the season kicks off in earnest at Silverstone in mid-April. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. FIA World Endurance Championship WEC, LMP1 Ready for title defence: the new Porsche 919 Hybrid Stuttgart. World debut of the new 919 Hybrid: Two days before the official Prologue for the FIA World Endurance Championship (WEC) at Paul Ricard, France, Porsche is presenting its race car for this season. Strong development characterises the new 919 Hybrid' technology. The powertrain became even more efficient, the aerodynamics were even more specific for the various race tracks and the weight of single components was even more reduced. "The over 900 hp strong Le Mans Prototype is ready for the title defence," said Fritz Enzinger, Vice President LMP1.

Conquest and controversy conclude the 2014 Rolex 24 at Daytona [spoilers]

If you don't wish to know who won the 2014 Rolex 24 at Daytona, you should avert your eyes right now. We'll even give you a double-space to skedaddle...
For those of you still with us, the first race in the United SportsCar Championship (USCC) is done, but the discussions about it certainly won't end for a while. Daytona Prototypes claimed the first four overall places, the top spot taken by the No. 5 Action Express Coyote-Chevrolet Corvette DP driven by Joao Barbosa, Christian Fittipaldi, Sebastien Bourdain and Burt Friselle. The 16th and final caution of the race bunched the field up for an eight-minute sprint to the flag, so the first place getter finished just 1.4 seconds ahead of the No. 10 Wayne Taylor Racing Dallara-Chevrolet Corvette DP driven by Max Angelelli. Third place went to Brian Friselle in the No. 9 Action Express Chevrolet Corvette DP, 20 seconds down. Chevrolet power hasn't taken the overall win since 2003, eleven years later it scores a one-two-three-four. The No. 6 Muscle Milk/Pickett Racing ORECA-Nissan 03 scored fifth place, the top LMP2 finisher.
The Prototype Challenge class win went to the No. 54 CORE Autosport team of Colin Braun, Jon Bennett, Mark Wilkins and James Gue.