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Old 01-28-2010, 08:04 AM   #1
AVANTI R5
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Default Porsche being sued by American hedge fund for more than $1 billion






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group of four American hedge fund managers are suing Porsche for more than $1 billion, accusing the company, its former CEO and former CFO of repeatedly lying about their intention to take over Volkswagen.

The group claims they lost more than $1 billion because they were shorting VW stock (a process of selling borrowed shares to buy them back cheaper at a later date for a larger difference). Porsche’s announcement send Volkswagen shares skyrocketing as the short sellers scrambled to buy back stock.

“Porsche should be held accountable in a court of law,” said Phil Beck, the funds’ attorney. “We’ll do whatever it takes to make sure that the rule of law is upheld.”

Source: AutoCar
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Old 01-28-2010, 08:14 AM   #2
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You took a gamble and lost

Deal with it.
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Old 01-28-2010, 08:31 AM   #3
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Originally Posted by Hondaslayer View Post
You took a gamble and lost

Deal with it.
while that is true, porsche's methods of investing smacks of several security violations.
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Old 01-28-2010, 09:53 AM   #4
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Hedge fund managers pisssed off because someone wasn't honest with them?!

More like "wha...wha... we were denied our usual insider trading position"...

These people make me sick.
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Old 01-28-2010, 10:02 AM   #5
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“Porsche should be held accountable in a court of law,” said Phil Beck, the funds’ attorney. “We’ll do whatever it takes to make sure that the rule of law is upheld.”
That's the part that makes me sick. The stock market is a gamble. I'm not an expert or even have average knowledge of the laws regarding these situations. I do think sueing a company over your own mistakes is complete bull**** though. Maybe they should have looked at the financial state Porsche was in before they jumped the gun on wishful thinking. I don't feel one bit sorry for the people that lost money on this.
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Old 01-28-2010, 10:14 AM   #6
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Old 01-28-2010, 11:57 AM   #7
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Yep, I'm no securities legal expert either but I've got 0% sympathy for them regardless of what the law says.
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Old 01-28-2010, 12:21 PM   #8
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Porsche already held a large number of VW shares and continued to buy up VW options. Because they were options, not actual shares, Porsche didn't have to disclose their position under German law (which is where VW shares are traded).

When Porsche did disclose their position one day, hedge funds were sent scrambling because they found out there were not enough shares on the market to cover their shorts. Of course Porsche is not going to make their moves public if the law says they don't have to, because all that would do is drive up the prices of the very shares they were trying to buy.
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