Actor Stephen Baldwin Loses Lawsuit Against Kevin Costner Over BP Oil-Cleaning Machines
- Posted on June 15, 2012 at 7:31am by
Billy Hallowell
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NEW ORLEANS (AP) — Kevin Costner said his reputation was at stake as he defended himself against accusations that he cheated fellow actor Stephen Baldwin out of millions of dollars in a lucrative BP contract for oil-cleaning machines after the 2010 spill.
Kevin Costner, center, arrives at Federal Court on Thursday, June 14, 2012 in New Orleans. A jury is set to hear closing arguments in the trial for Stephen Baldwin's lawsuit against Costner over their multimillion dollar business dispute in the aftermath of the 2010 oil spill in the Gulf of Mexico. (AP Photo/Gerald Herbert)
Baldwin and a friend were seeking $17 million in damages, saying they could have made at least that much in the deal. A federal jury sided with Costner and gave them nothing.
Costner smiled and shook his attorney’s hand as a grim-faced Baldwin left the courtroom.
“My name means more to me than money and that‘s why we didn’t settle,” Costner said.
After a two-week trial, eight jurors deliberated for less than two hours before giving their decision in the lawsuit brought by Baldwin and his friend, Spyridon Contogouris.
Baldwin referred questions about the verdict to his attorney, James Cobb.
Actor Stephen Baldwin (AP)
“We’re disappointed. We thought we proved rather convincingly that these two guys, Mr. Costner and Mr. Smith, defrauded us,” Cobb said. “The jury saw it a different way but we respect the jury’s verdict.”
Contogouris and Baldwin sold their shares in Ocean Therapy Solutions for $1.4 million and $500,000, respectively. The company was marketing the oil-separating centrifuges.
Baldwin testified he would have held out for much more if he had known BP had committed to ordering 32 of them. Soon after they sold their shares, the oil giant made an $18 million deposit on a $52 million order.
Attorneys for Costner and Smith said Baldwin and Contogouris knew BP was preparing to order the machines when they walked away from the company rather than gamble for a more lucrative payout if BP signed a binding contract. At the time they sold their shares, BP only had signed a non-binding letter of intent, the defendants’ attorneys said.
Cobb questioned whether celebrity was a factor in the outcome “because I believe we proved our case and because the bigger celebrity won.”
Earlier Thursday, during the trial’s closing arguments, Cobb told jurors they probably see the case as a “bunch of rich people fighting over money I’ll never, ever see.” Cobb, however, said his clients deserved to be compensated for being lied to by Costner and business partner Patrick Smith and defrauded out of their fair share of the BP money.
“I had no idea the spider’s web of deception could be so pervasive and so hard to unravel,” Cobb said.
Costner‘s attorney Wayne Lee argued his client’s fame is the only reason he was sued. The plaintiffs were mistaken when they thought Costner would “roll over and give in” under the threat of a lawsuit, Lee said.
“This lawsuit never should have been brought,” Lee said. “Mr. Costner never should have been a party to these proceedings.”
Costner and Baldwin were ordered by U.S. District Judge Martin Feldman to attend each day of the trial, which they heeded. The judge thanked them at the end of the trial.
“I know that being here throughout the trial has been a great challenge for them,” Feldman said.
Costner testified that he never saw Baldwin contribute anything to their company’s efforts to persuade BP to use the centrifuges. Baldwin testified that no one asked him to invest any capital or lobby BP but said he used his celebrity to market and promote the centrifuges while he also worked on a documentary about the nation’s worst offshore oil spill.
Costner had lost $20 million in an earlier effort to market the devices to the oil and gas industry, but Cobb said Costner and Smith each made $15 million off their investments in Ocean Therapy Solutions after the BP spill.
BP deployed a few of the centrifuges on a barge in June 2010. The company capped the well the following month, and it was permanently sealed in September 2010.
Costner praised the jury for “doing their best to understand everything” in a complex case.
“They were really smart, and it was my good luck that they saw the truth of the story,” he said.
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Comments (49)
Greg the Great
Posted on June 15, 2012 at 12:35pmStephen Baldwin buys his clothes at the salvation army? He needs a stylist bad. He looked like his mom bought him a suit in the HUSKY section of a 70′s Woolco.
Report Post »LostInTheSpin
Posted on June 15, 2012 at 12:34pmOh wow…The suit Baldwin is wearing is the same suit my grandfather gave to the salvation army 20 years ago.
Report Post »Scottscobig
Posted on June 15, 2012 at 12:32pmSee the parable of the laborers- Matt. 20:1-16
Report Post »RodT82721
Posted on June 15, 2012 at 11:35amI don’t get this, Steve and friend bought some shares in a start up company, they didn’t like the way things looked for the future of their shares, so they got (sold) out. It appears they sold their shares and were paid the going rate. No crime here, they took a chance to get richer and failed!
Then the company got a boost from BP and they are suing because they had already protected their investments and sold out and missed out on the little boost? At least they didn’t get skinned by someone like Bernie Madoff!
These two should have a talk with those folks that held a legal claim to Chrysler’s bonds, when Barry saved the auto industry and gave $28 Billion of their investment value to his good friends, the UAW members!
Report Post »Now that was something to sue about, except it was Barry, so no judge will ever admit he broke the law.
nobama2012yeswecan
Posted on June 15, 2012 at 11:22amHey Billy..Stephen…whatever..king Alex called and wants his Johnny Carson sign dinner jacket back right after your court date and job interview today…Note to self..HollyWood will corrupt and taint all who feed the beast…I’m sure a hand shake in GodlessWood means nothing!! Spit yourself out of that system Timmy ..Stevie..Willy..whatever?
Report Post »Seagal45
Posted on June 15, 2012 at 11:20amSo let me get this straight, Baldwin sold his shares and then after the spill Costner, who bought the shares made a lot of money after losing a lot of money. Uhh I can’t believe it even went to trial. It’s called tough cookies Baldwin, you sold out and are crying because you bailed too early. Bunch of spoiled brats!
Report Post »nobama2012yeswecan
Posted on June 15, 2012 at 11:06amAt least a hollywood tycoon finally put his money where his mouth is..Kudos to Costner for at least getting involved and doing something positive…Now that the mutual ******** is over..listen here Mr.Postman,your not in Waterworld anymore..this is what you and your wolf friends been dancing about for decades..You built it and boy oh boy did they come..lawsuits,regulations,and lots of tin cups reached out and looking for you to fill them…Ahhhh entrepreneurship in California..you can thank your friends for making your life miserable…not one movie that you and your green friends have made will be as important as the device you were able to bring to light..now go enjoy the millions you made being a capitalist and invest it and keep creating…this is how you create jobs in America in the private sector! also benefits all mankind and I dare say it.. global warming..
Report Post »csbaby
Posted on June 15, 2012 at 10:58amthe 1% (Kevin Costner) against the 99% (Steve Baldwin)
Report Post »rickinpa
Posted on June 15, 2012 at 11:25am“Contogouris and Baldwin sold their shares in Ocean Therapy Solutions for $1.4 million and $500,000, respectively” Yeah I almost want to cry for poor MR Baldwin he only walked away with $500K poor 1%er
Report Post »SquidVetOhio
Posted on June 15, 2012 at 10:42amWait a second! I know I gotta be missing out on a “Hatfield and McCoy” joke here somewhere. Stupid Friday has dulled my wit.
Report Post »SquidVetOhio
Posted on June 15, 2012 at 10:40amGood thing that Kevin Costner is in the oil business. God knows he can’t act!
Report Post »Welcome Black Carter
Posted on June 15, 2012 at 11:05amNot true. He has some good stuff.
Report Post »Gonzo
Posted on June 15, 2012 at 11:23amSquid, he was pretty good in the Hatfields and McCoys miniseries.
Report Post »I support God's Israel!
Posted on June 15, 2012 at 11:43amNo one watched the Hatfields and McCoys. What a dumb series to do and watch:
Hatfield kills a McCoy.
A McCoy retaliates and kills a Hatfield.
Hatfields get even.
McCoys get even and ON AND ON AND ON. BORING.
No story here.
Report Post »Alky
Posted on June 15, 2012 at 11:57amDances with Wolves (?)
Report Post »BTW, if you didn’t know, Costner is a conservative, or at least a republican.
RLTW
Posted on June 15, 2012 at 12:11pmWater world was without question his best film, but then again I could be wrong. ;)
Report Post »usedCZARsalesman
Posted on June 15, 2012 at 5:45pm@I_SUPPORT…ummm, if you think 15 MILLION people watching that miniseries is the same as “nobody watching”, then I guess your right! Nevermind that it was the highest rated History Channel show in…well…history (I kill me)
Report Post »village idiot
Posted on June 15, 2012 at 10:01amTrash taken out to the trash can. So happy that anti American dirtbag.
Report Post »Prepper Politics
Posted on June 15, 2012 at 10:41amStephen Baldwin is the conservative Christian brother. He’s not the anti-American. His brothers are the retarded ones. They’ve ruined his name. Although, the suit was pretty ugly. Made him look like a little kid trying to look grown up.
Report Post »reality based lifeform
Posted on June 15, 2012 at 9:44amSo the net result of this is that Baldwin brought two bad suits against Costner
The won his attorney filed and the one he was wearing
Report Post »v15
Posted on June 15, 2012 at 9:36amJust one failed actor suing a slightly more successful actor. If the Hollywood Elite really believe themselves to be the guiding light – as most of them do – then why don’t they redistribute their wealth and “bail out” their state before California becomes the first federal state? I pay to watch you act NOT to hear your thoughts on life.
Report Post »perry1980
Posted on June 15, 2012 at 9:28amNeither one should have been involved in any way in the BP spill/cleanup.
Report Post »Le Sellers
Posted on June 15, 2012 at 10:32amWhy not?
Apparently, the technology worked, and anything that works, no matter who initiates it, should be put to use as quickly as possible.
Amateurs have made important contributions to our world: everything from von Liebnitz and the calculus to a couple kids in daddy’s garage inventing the first Apple computer.Why not an actor who supports (if not actually inventing) something that demonstrably improved the lives of millions (so far)?
Such contributions deserve compensation. I’m pleased they got (what was it?) $52 million. It could have been more, it might have been less, but BP seemed to think it was worth at least that, and Costner&Smith not as much (otherwise, the number would have been different) — basic Economics: each party MUST believe he got the better deal or there is no deal.
Report Post »Gonzo
Posted on June 15, 2012 at 9:10amHey Baldwin, buy a suit that fits. You’re never going to grow into that one.
Report Post »NancyBee
Posted on June 15, 2012 at 10:10amLol……that tie was a bad choice too
Report Post »Treaty
Posted on June 15, 2012 at 9:05amI’m guessing as soon as Baldwin showed up in court in that hideous suit the decision was already made.
Report Post »routnom23
Posted on June 15, 2012 at 9:16amI agree 100%. It was ugly, and too big for him. If I was the judge, I would have held him in contempt.
Report Post »routnom23
Posted on June 15, 2012 at 9:18amI agree 100%. It was ugly, and too big. If I was the judge, I would have held him in contempt.
Report Post »Cmate
Posted on June 15, 2012 at 8:56amIt’s a shame really, obviously Baldwin needed the money to buy a suit that fits…
Report Post »sawbuck
Posted on June 15, 2012 at 8:40amI will say this about Kevin Costner..His hair line is receding pretty good..
Report Post »He looks a little like Billy Bob Thornton in that picture .
kentuckypatriot
Posted on June 15, 2012 at 8:35amSounds to me that the defense attny was pissed he didn.t get his “ fair share ”.
Report Post »Constructionist
Posted on June 15, 2012 at 8:32amWho would believe a single word being said by someone wearing THAT jacket?
Report Post »bandi9
Posted on June 15, 2012 at 8:32ami dont really care about who got what here, but as far as i know, Baldwin is definitely not a lib, he is conservative(unlike brother Alec). not sure where Costner stands, but if i had a guess i would say he also leans conservative. just sayin Lukerw
Report Post »Blazebanned
Posted on June 15, 2012 at 10:25amCostner is a lib, who supported odumbass,although he did support phill gramm.So costner is just another holly wood libturd,and another so called actor whose movies i have not watched in years, i will not in the future……Support odumbass or any other lefty,and as the libs say, “you are dead to me”.
Report Post »Prepper Politics
Posted on June 15, 2012 at 10:40amYep, KC is a lib. I like him better as an actor than I do SB, but I’d prefer the company of SB if discussing politics. His brothers, on the other hand, are freaks of nature.
Report Post »caleejr
Posted on June 15, 2012 at 8:29amGreed tried to rear its ugly head. The true nature of the liberal is exposed, while the real story is that CAPITALISM won. Costner and his associates seen a need – the filled that need and made money from providing a good/service to fill that need. I’m glad that Capitalism won the day – Baldwin should have to pay for Costner’s attorney and court costs since he lost the case he brought forth.
Report Post »I support God's Israel!
Posted on June 15, 2012 at 11:48amCapitalism should be HONEST, not evil like most liberalism. The problem nowadays with Capitalism is that CEOs of large companies get obscene bonuses based on nothing but contracts, firings, downsizing, etc. It is not based on their merit anymore. Presidents of universities get million dollar salaries if they can raise tuition without anyone retaliating. IT is all getting out of hand on both sides.
Report Post »NO CEO SHOULD BE MAKING OBSCENE SALARIES – NONE OF THEM, yet We, the People allow it and then we complain about it.
sawbuck
Posted on June 15, 2012 at 8:28amSo Mr. Baldwin was paid exactly what he asked for then wasn’t happy later ..
when he found out he could have possibly received more money….Hmmm.
I believe there are a few verses in the Bible that cover this exact situation…
I think Ole Stephen…needs to do a little less… hanging out with his bother Alec…
Report Post »and a little more… Bible – Study.
piper60
Posted on June 15, 2012 at 7:43amSounds like Costner had his ducks in a row before Baldwin did. Big whoooooop.
Report Post »lukerw
Posted on June 15, 2012 at 7:41amROFL :) Liberals suing each other… over Money :)
Report Post »saranda
Posted on June 15, 2012 at 9:07amActually LukeW, Baldwin is a conservative and a Christian and it appears he brought the suit on. Looks like greed and envy took over and he thought he could talk his way into a settlement. I have heard that Costner left his conservative Christian upbringing behind but I am not sure.
Report Post »So in this case it was a repub suing a lib over spilled milk as my mother would say.