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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.

McLaren P1 squares off against Porsche 918 in Evo track battle

Evo's side-by-side comparison of the McLaren P1 against the Porsche 918 Spyder isn't the first time we've seen England and Germany's ultimate automotive weapons sized up together; last month, Autocar tested them over the standing mile, with a Ducati 1199 Superleggera playing the joker. Evo throws a few curves at its test, though, taking the supercars to Anglesey Circuit in Wales to see which will lay down the fastest lap time with scribe Jethro Bovington at the wheel. In case the numbers haven't yet been seared into your memory, while both are assisted by electric motors, the 3,069-pound, rear-wheel drive P1 gets on with 903 horsepower and 664 pound-feet from a 3.8-liter, twin-turbocharged V8. The 3,750-pound, all-wheel-drive 918 Spyder does its job with 795 hp and 575 lb-ft surging out of a naturally aspirated, 4.6-liter V8. We're not told know which circuit layout he uses for the test, but both cars comfortably eclipse the mark set by the fastest coupe Evo's driven around it so far, the Ferrari 458 Speciale. Then, in an epilogue occasioned by a tire change, one of the supercars comfortably eclipses its own time again, before Bovington declares one the master of the track and the other the ruler of the street. Enjoy finding out which is which in the video above.

Submit your questions for Autoblog Podcast #344 LIVE!

We're set to record Autoblog Podcast #344 tonight, joined by Doug DeMuro, author of Plays With Cars, formerly of Porsche Cars North America, and all-around swell guy. You can drop us your questions and comments via our Q&A module below, and we'll give them extra-diligent attention. Subscribe to the Autoblog Podcast in iTunes if you haven't already done so, and if you want to take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.
Discussion Topics for Autoblog Podcast Episode #344
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