Shortly after the BP oil disaster, Stephen Baldwin decided to invest in a company owned by Kevin Costner and his brother. The company, which has some technology that separates oil from water was going to be big, at least in Stephen's mind and he wanted a piece of the action. So, he bought 10% of the company. Later, according to the suit, Stephen alleges he was induced to sell his 10% because he was told Kevin had sold his shares in the company and that BP was not going to award the company a contract. Well, long story short, Stephen sold, Kevin did not and BP awarded the company a $52M contract. Needless to say Stephen was ticked off so he has sued for millions.
I think we all know the best way to settle this is not in a court of law. Nope. It should be Baldwin Brothers versus Costner Brothers in Celebrity Mole. Corbin Bernsen can host.
I think we could name this series Douchebag vs Douchebag... It's a hard to decide who is less likable!
ReplyDeleteI think this is pretty interesting, but I need more info!
ReplyDeleteI don't know anything about this type of law. Anyone?
I have many questions.
"A technology that separates oil from water"?
ReplyDelete^probably meant remove.
ReplyDeleteIf Stephen was afraid of losing his money this seemed like a good choice, it's a gamble. Now Stephen says he was told that Kevin was going to sell, who told him?
ReplyDeleteWasn't Baldwin in danger of having a home of his foreclosed upon not too long ago? Where did he suddenly come up with enough cash to buy a 10% stake in a company?
ReplyDeleteI read about this technology when we were in the midst of the spill. As I recall, it uses centrifugal force to separate the oil from the water, then removes the oil portion. Pretty cool.
ReplyDeleteUmmm.... isn't that insider trading?
ReplyDeleteDidn't Martha do time for something quite similar?
I'm just asking questions....
It might not be insider trading. Stephen may have been ill advised or just misunderstood or listening to rumors. He may have just backed out or chickened out and now he's trying to cash in. I'd like to hear Costner's side of the story. I remember he was seeking investors so I don't know why he would screw Baldwin.
ReplyDeleteI remember reading about this months ago too. I was thinking Enty had posted about Kevin's involvement but I can't find anything.
ReplyDeleteI'm not going to say anything nasty about a Baldwin til I hear Costner's side.
i think costner even went before congress talking about this technology, didn't he?
ReplyDeletei bet this case goes nowhere. how can he prove it?
No, it's not insider trading, primarily as this was not a public company.
ReplyDeleteKevin Costner way back during the Alaskan oil spill (Valdez) was very upset and had been investing in companies like the one he's involved with now. I was actually rather impressed.
ReplyDeleteGod I remember when Anderson Cooper hostd the first mole. Back when it was classy.
ReplyDeleteI can tell you the moon is made out of cheese doesn't mean it is.
If Stephen didn't do his due diligence then it is his own fault for selling. I don't think he is owed a dime and this is just a nuisance lawsuit to squeeze a couple bucks out of the Costners. Which as Jesus Freak Stephen is now, is pretty sad. Jesus wouldn't approve.
Also, I had read the technology had already existed before they started the company they just utilize it.
I was really actually intrigued by the process. I would have invested just because... I mean, at some point BP would have bought a contract with anyone that said "i can clean oil out of water"...
ReplyDeletePlus, why woud you trust the star of waterworld for investment advice anyway?!
i kid (kinda)
Geez, wouldn't it just be nice if we all could sue for losing money in the stock market? Apparently Kevin Costner's brother is super smart and Kevin has backed several of his ideas and inventions etc. I hope this one works!
ReplyDeleteSounds like sour grapes to me and if Baldwin needs the money maybe he "gambled" with another persons money to buy into this company.