Friday, December 24, 2010

Stephen Baldwin Sues Kevin Costner Over Oil/Water Separator

Stephen Baldwin, left, has filed a federal lawsuit against Kevin Costner, right, in New Orleans over the actors' investments in a centrifuge device that BP used in its efforts to clean up the company's oil spill in the Gulf of Mexico. The lawsuit filed by Baldwin and a friend, Spyridon Contogouris, claims that Costner and a business partner duped them out of their shares in an $18 million deal in which BP purchased oil-separating centrifuges from a company they formed after the April 20, 2010 spill.

Baldwin and friend owned shares in Ocean Therapy Solutions, the company that marketed the centrifuges to BP. The two say they were deliberately excluded from a June 8, 2010 meeting between Costner, business partner Patrick Smith and BP executive Doug Suttles at which Suttles agreed to make an $18 million deposit on a $52 million order for 32 of the devices. Baldwin and Contogouris say they did not know about the deal when they agreed to sell their shares of the company. They claim Costner and Smith "schemed" to use the BP deposit money to buy them out. (Wash Post, 12/24/2010)