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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.

Muffler Man gets racing suit to mark progress on Porsche Experience Center

In a dramatic change of careers, a fiberglass Muffler Man statue on the side of a busy Los Angeles freeway, formerly known as "Golf Guy," traded in his clubs for a Porsche driver's suit a couple days ago. It's no coincidence, as he's standing on land that the German automaker bought from the Dominguez Hills Golf Course a couple years ago to build its west coast Porsche Experience Center - which will be complete with a test track, restoration and maintenance facilities, a cafe and restaurant, a home for Porsche Motorsports North America and more, when it's finished in the fourth quarter of 2014.
The Porsche Muffler Man will serve as the gatekeeper to the 53-acre center and overlook the test track on the side of the 405 freeway. We can't think of a better job for a fiberglass giant that used to watch golf all day than to watch Porsche road cars and racecars getting wrung out on a test track in the middle of LA. Since Muffler Men are quite adaptable, we're sure this one will fit into his new role in no time - just as easily as he can double as Paul Bunyan.
Check out the press release below for more information on the Muffler Man and the experience center, which could be the ultimate adult playground when it's finished.

Porsche 991 vs. 930 Flatnose in 911 Turbo convertible faceoff

The Porsche 911 Turbo has a legacy of being a tough car to drive. With a ton of power set right over the rear wheels, its reputation is to lose control as soon as the driver stops concentrating. However, this isn't quite so true anymore. The modern ones are tamed through technology with things like hydraulically controlled engine mounts, not to mention all-wheel drive. In its latest video, Autocar tries to decide whether 25 years of progress really makes the turbo a better vehicle.
It's summer, so what better version to compare than the 911 Turbo Cabriolet? In one corner, Autocar has the latest and greatest 2014 version pumping out 513 horsepower and 486 pound-feet of torque with a seven-speed dual-clutch gearbox. Its challenger is a 1989 911 flatnose convertible sporting 326 hp and 347 lb-ft of torque. It's a truly rare car in the UK with only eight of them remaining on the roads in that region.
Granted, this test isn't so much a battle as it is a comparison. There's no question that the modern 911 would beat the classic in practically every objective category. What the video aims to find out is whether the flatnose is better in subjective measurements like its "feel." Scroll down to watch these two droptop Porsches square off.