Baldwin's Lawsuit against Costner over Oil Spill Deal

By Admin
Actors Stephen Baldwin and Kevin Costner could spend the next couple weeks battling it out in a New Orleans courtroom over their investments in a devi...

 

Actors Stephen Baldwin and Kevin Costner could spend the next couple weeks battling it out in a New Orleans courtroom over their investments in a device BP PLC used in trying to clean up the huge Gulf of Mexico oil spill.

The federal lawsuit claims Costner and a business partner misled Baldwin and a friend regarding their shares of an $18 million deal with BP to buy oil-separating centrifuges after the 2010 spill. According to Baldwin and his friend, Spyridon Contogouris, the two were unaware of the deal when they agreed to sell their shares of Ocean Therapy Solution (OTS) for $1.4 million and $500,000.

SEE OTHER TOP STORIES IN THE ENERGY DIGITAL CONTENT NETWORK

Is the Gulf Coast's Tourism Recovering?

Chevron, Transocean Face 2nd Lawsuit in Brazil

Read more in May's issue of Energy Digital: The Military Edition

They also claim to have been excluded from a June 8 meeting between Costner, his business partner Patrick Smith and BP executive Doug Suttles, discussing an agreement to make an $18 million deposit on a $52 million order of centrifuge devices from OTS. Baldwin and Contogouris say they were entitled to shares of BP's deposit and that Costner and Smith schemed to use BP's deposit to buy their shares in OTS.

“The source of the funds to buy plaintiffs’ interest was never disclosed to them, and OTS funds were secretly and improperly converted to effect the purchase,” a plaintiffs’ summary of the case says.

Baldwin and Contogouris are seeking over $21 million in damages.

 

DOWNLOAD THE ENERGY DIGITAL IPAD APP

 

 

Share

Featured Articles

UK and US announce energy partnership

The agreement will work towards reducing global dependency on Russian energy exports, stabilising energy markets, and stepping up collaboration

Alfa Laval to supply world’s largest green hydrogen plant

The facility is being built in NEOM, the US$500bn futuristic city being developed in Saudi Arabia

COP27 agrees to climate compensation fund

The deal is said to be a historic first in acknowledging the vast inequities of the climate crisis

North America's natural gas can help mitigate energy crisis

Oil & Gas

COP27: Egypt and Norway to build 100MW green hydrogen plant

Renewable Energy

Renewable energy company Masdar opens office in Saudi Arabia

Renewable Energy