2dr Roadster Certified Convertible 3.4l 4-wheel Abs 4-wheel Disc Brakes A/c on 2040-cars

Auto blog

Former Porsche boss Wiedeking won't face criminal charges over VW bid

Hedge fund managers have been suing Porsche for years now, alleging that the car company lied about its intentions during its failed attempt to take over Volkswagen, a gambit that caused them billion in losses. Over the same period, authorities in Stuttgart built a criminal case against former CEO Wendelin Wiedeking (above, left) and Chief Financial Officer Holger Härter (right), filing charges in December 2012. When those fund plaintiffs lost their most recent court case, one of the dimming lights in the dark and receding tunnel was that the criminal investigation might unearth more evidence about Porsche's actions that could help the plaintiffs in pending litigation.
Bloomberg reports that another light has gone out, though, with a Stuttgart court dismissing the market manipulation case before going to trial because, as a court spokesperson said, "there wasn't enough evidence backing up the charges." When prosecutors get the files back from the court, they have a week to decide to refile, but unless they've been sandbagging evidence that could bolster the case, the only lights at the end of the tunnel will be those welcoming Wiedeking and Härter back to the world of legally unencumbered men.

Porsche's former CEO Wiedeking to stand trial over VW-share manipulation

Former Porsche CEO Wendelin Wiedeking (left in the above photo) could potentially be facing some time in the slammer after all. The last we had heard, he and former Chief Financial Officer Holger Haerter (right) had avoided a trial in April due to a lack of evidence. However, an appeals court in Stuttgart has looked at the case again and overruled the earlier decision, finding that the executives should be tried for share manipulation during Porsche's failed attempt to take over Volkswagen in 2008, Bloomberg reports.
The judges in the appeal "list numerous indications that could suggest that there was a hidden decision to increase the stake as they could suggest the opposite evaluation by the lower court," said Stefan Schueler, a spokesperson for the court, in a statement cited by Bloomberg. Wiedeking and Haerter put out their own releases saying that there was no merit to the charges.
The prosecutors allege that Wiedeking and Haerter had a plan to buy up VW stock options in 2008 to take the automotive giant over but hid it from investors. The whole thing was a massive failure and eventually allowed VW the chance to acquire Porsche and forced the two execs to step down. In addition to the criminal investigation, hedge funds have attempted to sue the company multiple times in civil court for the same reason, but they have repeatedly failed.

Amelia Island 2013: Porsche 911 swarms the field marking 50 years of rear-engine goodness

Perhaps one of the most iconic sports cars in the world, it was no surprise that the Porsche 911 showed up in numbers to the 2013 Amelia Island Concours d'Elegance. Although the original 911 launched 50 years ago, the original and current models are instantly recognizable as 911s, and since the 911 has a storied racing background, there were probably just as many racing versions of the coupe as there were street-legal versions.
As the show's 2013 honoree, one of the prime racing examples was a 1970 Porsche 911 S raced by Sam Posey. There were so many cars in attendance, we didn't know where to look, but a 1985 911 Speedster concept and a Porsche-owned, rally-ready 911 Type 953 were definitely among the more impressive standouts. As an added bonus, Jacksonville-based Brumos Porsche had many of its classic racecars on display including a beautiful 959.