Hedge funds appeal dismissed $2 billion suit vs Porsche

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Hedge funds appeal dismissed $2 billion suit vs Porsche - 1/30/2011 9:18:35 PM

jlf1961

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quote:

CHICAGO (Reuters) – A group of hedge funds led by Elliott Associates and Black Diamond Offshore Ltd appealed the dismissal of their $2 billion lawsuit against German automaker Porsche SE.

The hedge funds filed notices of their appeal in Manhattan federal court late on Friday.

The hedge funds had claimed the Stuttgart-based carmaker deliberately deceived the market as to its intentions to acquire Volkswagen, publicly denying plans to take over the company while quietly buying nearly all the freely traded ordinary shares of Volkswagen.

source

Oh the poor poor people.

Sounds like poetic justice to me.

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RE: Hedge funds appeal dismissed $2 billion suit vs Por... - 1/30/2011 9:43:32 PM

Lucylastic

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poor babies, I think my give a damn has broken, cos my heart is happily pumping purple pee for them.

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RE: Hedge funds appeal dismissed $2 billion suit vs Por... - 1/31/2011 5:04:59 AM

Termyn8or

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Let me get this straight. They are whining because Porsche didn't tip their hand when they planned to make a move ? And because they didn't cost themselves money by running their mouth so a hedge fund, the scumbags of the capitalist world couldn't make money for nothing ?

In other words Porsche is being sued for being smart ?

If that's the case I'm glad to know that this did not happen in the US. Maybe there is hope for us after all. It's nice to know that we are not the only ones stuffing the gray matter into a black hole. And Porsches aren't much more than fancy Wolksvagons anyway.

There should be a law !

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RE: Hedge funds appeal dismissed $2 billion suit vs Por... - 1/31/2011 1:26:00 PM

willbeurdaddy

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FR

Y'all might try understanding the basis of the case before jumping to Porsche's defense. If they were US securities and not German securities this would have a good chance of being overturned, and it may still be overturned. The problem is that under US law the purchaser of stock cannot remain anonymous. To hide their intent Porsche bought cash-settled stock options, which is exempt from disclosure under German law and not covered under US law because stock options in the US are physically settled, therefore requiring disclosure. Since VW stock traded on US exchanges, the argument that foreign market cash-settled options are subject to US disclosure is not a big stretch.

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