The Truth About Cars » Haerter http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Sat, 02 Aug 2014 03:20:50 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.1 The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars no The Truth About Cars editors@ttac.com editors@ttac.com (The Truth About Cars) 2006-2009 The Truth About Cars The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars » Haerter http://www.thetruthaboutcars.com/wp-content/themes/ttac-theme/images/logo.gif http://www.thetruthaboutcars.com $2.7 Billion Lawsuit Against Porsche Goes To Court http://www.thetruthaboutcars.com/2013/06/2-7-billion-lawsuit-against-porsche-goes-to-court/ http://www.thetruthaboutcars.com/2013/06/2-7-billion-lawsuit-against-porsche-goes-to-court/#comments Wed, 19 Jun 2013 12:58:08 +0000 http://www.thetruthaboutcars.com/?p=492652 After a court in Braunschweig, Germany, dismissed two investor lawsuits against Porsche SE, it didn’t take the third one either. Instead, it delegated a lawsuit that seeks $2.7 billion in damages to a Hanover-based court that specializes in cartel matters, Reuters says. Finally, a decision after a hedge fund’s heart. According to the wire service, […]

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After a court in Braunschweig, Germany, dismissed two investor lawsuits against Porsche SE, it didn’t take the third one either. Instead, it delegated a lawsuit that seeks $2.7 billion in damages to a Hanover-based court that specializes in cartel matters, Reuters says. Finally, a decision after a hedge fund’s heart.

According to the wire service, “the decision to assign the case to a specialist court may boost plaintiffs’ hopes of getting a hearing from judges more familiar with the technicalities of financial markets.”

The suit is about the big March 2008 short squeeze that happened when Porsche said it owned nearly 75 percent of VW in shares and options. The leveraged buyout was badly timed: A few months later, all credit evaporated. Volkswagen ended up taking over Porsche.

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Former Porsche CFO Fined $820,000 http://www.thetruthaboutcars.com/2013/06/former-porsche-cfo-fined-820000/ http://www.thetruthaboutcars.com/2013/06/former-porsche-cfo-fined-820000/#comments Tue, 04 Jun 2013 13:40:38 +0000 http://www.thetruthaboutcars.com/?p=490783 Porsche’s former high-flying finance chief Holger Härter was been fined 630,000 euros ($820,000) for misleading French bank BNP Paribas in loan negotiations in early 2009. This despite testimonies by bank representatives who said BNP did not feel misled. A criminal court in Stuttgart, Germany, on Tuesday sentenced Härter “for making incomplete and wrong statements about […]

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Haerter goes to court

Haerter goes to court

Porsche’s former high-flying finance chief Holger Härter was been fined 630,000 euros ($820,000) for misleading French bank BNP Paribas in loan negotiations in early 2009. This despite testimonies by bank representatives who said BNP did not feel misled.

A criminal court in Stuttgart, Germany, on Tuesday sentenced Härter “for making incomplete and wrong statements about the value of VW share derivatives held by Porsche at the time,” Reuters says.

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Former Porsche Managers To Be Charged For Stock Manipulation http://www.thetruthaboutcars.com/2012/08/porsche-managers-to-be-charged-for-stock-manipulation/ http://www.thetruthaboutcars.com/2012/08/porsche-managers-to-be-charged-for-stock-manipulation/#comments Mon, 06 Aug 2012 15:51:36 +0000 http://www.thetruthaboutcars.com/?p=455630 After three years of work, police in Germany concluded its probe into the affair surrounding the failed takeover of Volkswagen by Porsche. Former Porsche CEO Wendelin Wiedeking and his then CFO Holger Haerter have been investigated for market manipulation.  According to Der Spiegel, the public prosecutor in Stuttgart, Germany, will charge the duo.  Reuters heard […]

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After three years of work, police in Germany concluded its probe into the affair surrounding the failed takeover of Volkswagen by Porsche. Former Porsche CEO Wendelin Wiedeking and his then CFO Holger Haerter have been investigated for market manipulation.  According to Der Spiegel, the public prosecutor in Stuttgart, Germany, will charge the duo.  Reuters heard meanwhile that the trigger is not yet being pulled, and that the two have three suspense-filled months ahead of them.

Says Reuters:

A spokesman for prosecutors in Stuttgart, where Porsche is based, said on Monday a police-led probe into the affair has now been concluded, confirming a report by German magazine Der Spiegel.

Lawyers of the two former executives have until the end of October to respond to the findings of the probe – which looked into possible manipulation of VW’s share price by Wiedeking and Holger Haerter during the sportscar maker’s botched 2008-09 takeover of VW – the spokesman said.”

In 2008, Porsche denied that it wants to take over Volkswagen. Seven months later, Porsche had options for almost three quarters of VW. This triggered a historic short squeeze and propelled the Volkswagen stock to over 1,000 euros. The takeover bid nearly bankrupted Porsche. Volkswagen bought all Porsche on August 1.

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