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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.

2016 Porsche Boxster Spyder marks the return of something great [w/video]

Welcome back, Porsche Boxster Spyder. We absolutely adored the previous version – a roadster focused solely on driver enjoyment and simplistic perfection. Heck, we didn't even care that it had cloth loops for door handles. And this new model looks to (somehow) offer even more to love. Let's start with that engine: the 3.8-liter flat-six tuned to produce 375 horsepower and mated exclusively to a manual transmission, which powers the Spyder to 60 miles per hour in 4.3 seconds, on its way to a top speed of 180 mph. But power isn't the only thing that makes the Spyder package so great. It uses brakes from the 911 Carrera S, is the lightest Boxster in the range, sits 20 millimeters lower to the ground than the standard car, and still features the manually operated cloth roof from the previous car. And it looks fantastic. Fan-freaking-tastic. Inside, there's a whole lot of nothing, and that's just fine with us. Want a radio? That'll be extra. Air conditioning? Open your wallet for that, too. Seems odd in a car that'll start at $82,100 when it goes on sale later this year. But once again, this Boxster Spyder is a tactile sports car whose only mission is to offer outstanding driving dynamics – comfort options are optional, but not necessary. We can't wait to get our hands on this one. New York International Auto Show 2015: World Premiere of the Boxster Spyder New top model in Boxster family Atlanta. Porsche is highlighting the 2015 convertible season by celebrating the world premiere of the new Boxster Spyder. This pure sports car will make its debut at the New York International Auto Show. The new top model of the Boxster range retains the unique and unmistakable character of the previous Spyder, which has already attained cult status. For example, the classic roadster top is still opened and closed by hand, and the Boxster Spyder is only available with a manual transmission, benefiting both weight savings and driver enjoyment. Staying true to roadster DNA, the Boxster Spyder offers a traditional sports-car driving experience combined with truly exceptional performance. This includes a firm sport suspension with a 20-mm lower ride height, brakes taken from the 911 Carrera S, more direct steering, and a 3.8-liter horizontally opposed six-cylinder engine with an output of 375 hp, culminating in a genuine sports car experience with outstanding driving dynamics. It is the lightest model of the current Boxster line, and the most powerful Boxster to date.

'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: