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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

Porsche will sacrifice profit growth to fund EV development

Porsche is so serious about developing electrified vehicles that it's willing to sacrifice big jumps in profits to fund the investment. After a massive upgrade to the Zuffenhausen plant, the company will build the Mission E EV (above) there in 2020. "Therefore it's clear that we can no longer carry out major leaps on results," the CEO Oliver Blume said about the automaker's financial growth, according to Reuters. Porsche will invest 1.1 billion euros ($1.2 billion) through 2020 to make additional electrified vehicles possible. Around 700 million euros ($765 million) will go into the Zuffenhausen factory to build a new paint shop, assembly plant, and upgrade the engine factory to produce electric motors for hybrids and EVs. The expansion will also bring all Cayman and Boxster assembly under one roof. Outside of Zuffenhausen, the money will improve the research and development center in Weissach and update the sales and marketing department in Ludwigsburg. Blume said Porsche has "many new products in the pipeline," according to Reuters, and he wants as many of those as possible available with some level of electrification. In addition to the Mission E, there are rumors the company might build a 911 plug-in hybrid as soon as 2018. While Blume doesn't forecast big jumps in profits, Porsche should still remain financially successful in the coming years. The automaker doesn't report its 2015 earnings until March 11, but Reuters reports the company's global deliveries topped 200,000 vehicles for the first time ever last year, which could push its operating profit well above 2014's 2.72 billion euros ($3 billion at current rates). Related Video: