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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.

McQueen's Porsche 917 from Le Mans races to the auction block

Steve McQueen may have been the headline actor of the motorsport cult classic film Le Mans, but we all know who the real star was. Or rather, what: the Porsche 917. More specifically, it was the Gulf-liveried #22 - not McQueen's #21 - that won the race, making it one of the most iconic cars ever to drive across the silver screen. And now it's going up for auction.
This 1969 Porsche 917K, chassis 917-024, has a storied history both on and off the screen, even if it didn't win any (off-screen) races of note. This example was the first 917 to be campaigned in an actual race when Porsche handed it to Jo Siffert to drive against the Ferrari 312P and Ford GT40 at the Spa-Francorchamps 1000 Km race in 1969. Siffert found the early example too unstable and ultimately drove an earlier 908 to the checkered flag, but after 917-024 set the fastest time at the following year's Le Mans test day, Siffert acquired it outright.
The Swiss racing driver loaned the car to Solar Productions for use in the film, after which it returned to Siffert's collection until he was killed in an F1 exposition race at Brands Hatch in 1971. In a testament to how much he loved the car, it was 917-024 that lead the funeral procession. The car subsequently fell off the radar until it resurfaced in 2001 as one of the greatest barn finds of the new millennium. Now fully restored and resplendent in its original baby blue and orange, 917-024 is headed to the auction block at Pebble Beach where you can be sure that Gooding & Company will bring in a suitably high price for arguably the most iconic example of one of the most iconic Porsches of all time.

Modded budget Mazda Miata takes on new Porsche Boxster in more challenges

Earlier this month, our friends across the pond at Auto Express released the first in a two-video series that would see them try and build up a second-generation Mazda MX-5 Miata that could best a standard Porsche Boxster around the track. While that first video detailed the mods to the MX-5 - a supercharger, some suspension upgrades and a new set of super-sticky rubber being chief among them - and set baseline lap times for the stock car, today, we have the results of the 5,000-pound ($8,200) upgrade job.
Of course, we aren't going to spoil those for you. You'll need to watch the full video, which recaps the upgrades before digging into a comparison of both straight-line-speed differences between the 2.7-liter Porsche Boxster and blown Miata, as well as their behavior and lap times on the track.
Take a look and let us know what you think in Comments.