Hollywood Oil-Spill Smackdown: Stephen Baldwin Sues Kevin Costner for BP Cleanup Cash
Stephen Baldwin can't seem to get enough of the BP oil spill. Whether its filming his Will to Drill documentary, investing in random oil cleanup companies or suing Kevin Costner, he just can't get enough.
Yup, that's right. The lamest of the Baldwin brothers -- the one who recently told New York magazine that once he becomes a billionaire he plans to be the "George Soros for Jesus" -- has filed a lawsuit against Costner over investments in a device BP used to try and clean up its oil spill in the Gulf.
The lawsuit filed Wednesday in Louisiana federal court claims Baldwin and friend Spyridon Contogouris were duped by Costner and his business partner into selling their shares in Ocean Therapy Solutions, a company that developed massive centrifuge machines that could separate oil and water, reported TMZ, which posted lawsuit in its entirety. Damn that wily Costner!
Quick point here. This entire investment, then de-vestment and scheming and duping occurred in under two months and before the spewing well had even been capped. Rather hasty exit, eh? Meaning either Baldwin and his buddy are the two worst investors who were wooed by the promise of quick cash, or Costner really was up to something shady.
The quick back story
Costner joined the cast of BP oil spill disaster characters in May touting the powers of his magical centrifuge machine. Angered by the Exxon Valdez spill in 1989, the actor had teamed up with his scientist brother to develop a cleanup solution. He plowed some $26 million into the product, but failed to attract interest from oil companies.
Back to the action
Fast forward to the BP oil spill in April. Costner burst onto the scene (thanks to Contogouris, according to the lawsuit) and managed to not only get media attention, but captured the interest of BP as well. We didn't know it at the time but, Baldwin and Contogouris were investors in Ocean Therapy Solutions, which was a brand-new company formed right after the BP oil spill.
The lawsuit claims that the relationship fell apart by June. Baldwin and Contogouris, apparently displeased with the progress and some allegedly shady practices, decided to sell their shares for $500,000 and $1.4 million respectively. Meanwhile, and without their knowledge, the lawsuit says, Costner and his business partner sold BP on the product. The oil company ordered 32 of the centrifuges just days after Baldwin and company had sold their shares.
Ouch.
Photo from Wikicommons
Related: