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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.

Porsche 911 already testing next refresh

The latest Porsche 911 may still be a newer car, but that hasn't stopped the German company from starting development of a facelifted version of the rear-engined sports car, testing in what looks like southern Europe.
Due to hit the market in 2015, our spies think what we're seeing here is the new GTS variant, which, following the evolution of the last-generation 911, will make its debut on the facelifted car. Featuring the wider rear haunches of the all-wheel-drive Carrera 4, the GTS should enjoy a slight power boost, to 408 ponies.
Aesthetically, there are some additional vents in the rear bodywork, along with a revised front bumper and tweaked day-time running lights. The taillights get some attention as well, and will likely grow over the current car's skinny rear lamps.

Porsche announces Cayman GT4 with 911 GT3 components

For years, there's been a debate among Porsche fans about which of its products is a better sports car, the 911 or the Cayman. It would only take a few sentences before those in the Cayman corner said that Porsche wouldn't make the Cayman as good as it could be for fear of overshadowing The Number One Son. We have a feeling these conversations are going to get a lot livelier with the introduction of the Cayman GT4, which pilfers lightly from the 911 Carrera S and heavily from the 911 GT3. On the outside, you can look to its front fascia, wheels, and fixed rear wing, and 30-millimmeter lower ride height for GT3 inspirations. Underneath, there's a 385-horsepower, 3.8-liter flat-six engine amidships, credited as being derived from the Carrera S. While there are those out there still lamenting the fact that the GT3 can only be had with a dual-clutch transmission, the Cayman GT4 "transmits its power solely through a six-speed manual transmission with dynamic gearbox mounts." Yeah. So take that. The extra power reduces the Cayman GT4's 0-to-60 mile per hour sprint to 4.2 seconds, a half second quicker than the 340-hp Cayman GTS, and bumps top speed up to 183 mph. An interesting nugget: Porsche says the Cayman GT4 runs the Nurburgring in seven minutes and 40 seconds, which it credits as the same time run by the 2011 911 GT3. Porsche has never offered a precise time for the current 911 GT3, saying only that it's "under 7:30," and Internet rumor (grab your salt lick) is that the not-yet-introduced GT3 RS has done a 7:20. We don't have all of its details yet – those will come closer to its introduction at the Geneva Motor Show next month – but we're told of a lot more 911 GT3 parts underneath, like the chassis that "consists almost entirely of components from the 911 GT3" and that all of its "technical aspects are based on the 911 GT3." If you want to take it further, the options sheet will include ceramic brakes and carbon fiber bucket seats. This new top-shelf Cayman gets to dealerships in the US in July with a starting price of $84,600 before a $995 destination charge. You'll find a few more bits of info in the press release below. A New Member of Porsche's GT Family The benchmark in its class: the Porsche Cayman GT4 Atlanta, Feb. 3, 2015 - Porsche's GT family is proud to announce the addition of an exciting new member: the Cayman GT4. This is the first Porsche GT sports car based on the Cayman and features components of the 911 GT3.