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$1.4B hedge fund suit against Porsche dismissed

Investors have canvassed courts in Europe and the US to repeatedly sue Porsche over its failed attempt to take over Volkswagen in 2008 (see here, and here and here), and they have repeatedly failed to win any cases. You can add another big loss to the tally, with Bloomberg reporting that the Stuttgart Regional Court has dismissed a 1.4-billion euro ($1.95B US) lawsuit, the decision explained by the court's assertion that the investors would have lost on their short bets even if Porsche hadn't misled them.
Examining the hedge funds' motives for stock purchases and the bets that VW share prices would fall, judge Carola Wittig said that the funds didn't base their decisions on the key bits of "misinformation," and instead were participating simply in "highly speculative and naked short selling," only to get caught out.
With other cases still pending, the continued streak of victories bodes well for Porsche's courtroom fortunes, since judges will expect new information to consider overturning precedent. If there is any new info, it could come from the potential criminal cases still outstanding against former CEO Wendelin Wiedeking and CFO Holger Härter, who were both indicted on charges of market manipulation.

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.

Will Roegge makes 4K art of Jeff Zwart's 911 build and run up Pikes Peak

Will Roegge has turned his camera on Jeff Zwart and provided another gem, this time documenting Zwart's run up Pikes Peak and BBI Autosport. Bertim Besha dropped out of high school, then worked his way up to founding his own shop, BBI, that gathers a crew of tuners who are just as fastidious about their work as the customers are about their cars.
They prepped the 991-series Porsche 911 GT3 Cup Turbo, the product of combining a 911 GT2 that was the most powerful car Zwart drove up the mountain with a GT3 Cup that Zwart thought had the best handling. Two TiAL turbos and a lot of fettling make for a 3.8-liter flat-six with 700 horsepower, 700 pound-feet of torque and a 7,800-rpm redline. Zwart drove it to a heartbreaking second place this year, finishing less than 1.2 seconds behind the Time Attack 1 class winner when his car suffered its first mechanical issue of the week.
The first video below covers Besha, BBI and the build, the second is Zwart's run. As if the visuals weren't enough, sit back and enjoy the shrieking of the "Hill Climb Special," which is what the constellation Sirius would sound like if it could bark.