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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.

Matt LeBlanc nearly runs over cameraman during Top Gear shoot

Matt LeBlanc almost caused a bad start to the new season of Top Gear when the former Friends star narrowly avoided running over a cameraman. The new host reportedly needed to take a few hours off afterward to get his head together, according to The Mirror. An unnamed Top Gear insider tells the British tabloid that the near tragedy happened while filming in South Africa last month. During a break in the action, LeBlanc decided to take a drive in a Porsche that the show was reviewing. What he didn't realize was that a cameraman was laying on the ground shooting static footage sports car. Another cameraman saw what was happening and got LeBlanc's attention to avert the crisis. "It was one of those instances where, if the tracking man and Matt had reacted even a few seconds later, it could have been really serious. Both of them appreciated what a lucky escape it was," the source told The Mirror. While everyone was okay, the incident reportedly left LeBlanc upset. He needed to take a few hours off to regain his composure and checked to make sure the cameraman wasn't injured. Top Gear announced LeBlanc as a new cast member in February, and welcomed him with a drive in a convertible Reliant Robin, which wore a Stars and Stripes paint scheme. The show's recent trailer highlighted more of LeBlanc's trip, and the car definitely had some problems. Top Gear returns in May to televisions in the UK. There's no word yet on a US premiere date. News Source: The MirrorImage Credit: Neil Mockford / Alex Huckle / GC Images Celebrities TV/Movies Porsche matt leblanc

Ring Taxi BMW M3 chases an Aventador SV and Cayman GT4

On paper, a BMW M3 that's loaded with three passengers probably shouldn't have a chance at keeping up around a track with a Porsche Cayman GT4 and a Lamborghini Aventador LP 750-4 Superveloce. In the real world, driver skill and track knowledge can make all the difference, though. And when the M3 is a Nurburgring Taxi with a driver that knows the course incredibly well, we end up getting a fantastic lap like this one. The 'Ring Taxi driver starts by teasing his passengers that they'll see whether the Lambo is fast. Before the two of them get on track, the GT4 cuts in to join the party. What follows is a fascinating lap of the Nordschleife. It's impressive how the BMW driver's skill allows him to keep up with the two other cars and blow past tons of other traffic. During faster sections, the Porsche and Aventador start to pull away, but as soon as the course gets curvy again, the M3 is right back in the action. As the group pulls back into the parking lot, even the Ring Taxi driver sounds impressed with his performance. See the impressive show in the video above. Related Video: