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This is what happens when you run a car copmany like a hedge fund and then run out of ability to service your debt. Wiedeking is an idiot for getting the company in such a position.
Remember the Daimler and Chrysler "merger of equals"? I guess everything can be considered a "merger" except in this case it is Porsche running out of ability to service and re-finance its debt.
With any luck Wendy will finally be able to devote himself full-time to his true passions of riding around on old tractors and tending his potato farm.