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Jun 18 2012

Stephen Baldwin Loses to Kevin Costner in Court

This is kind of a weird story. Stephen Baldwin, the least talented and dumbest of the Baldwin brothers, has lost a lawsuit he filed against Kevin Costner seeking millions of dollars because they didn’t make as much on the sale of shares in a company Costner owns as they thought they should.

A federal jury late Thursday rejected claims that Kevin Costner and his business partner duped fellow actor Stephen Baldwin and a friend out of millions of dollars from a BP contract for using oil cleanup devices in the aftermath of the 2010 Gulf of Mexico spill.

The panel deliberated for less than two hours before delivering the verdict in the lawsuit brought by Baldwin and his friend, Spyridon Contogouris Their lawyer had asked the eight-member jury to award the plaintiffs more than $17 million in damages.

The jury gave them nothing…

Contogouris and Baldwin sold their shares in Ocean Therapy Solutions for $1.4 million and $500,000, respectively. Baldwin testified he would have held out for much more if he had known BP had committed to ordering 32 oil-separating centrifuges.

They were trying to collect $17 million in damages because they estimate it’s how much they would have received if they hadn’t sold their shares in the company that marketed the centrifuges to BP before the oil giant made an $18 million deposit on a $52 million order.

Attorneys for Costner and Smith said Baldwin and Contogouris knew that BP was preparing to order the centrifuges when they sold their shares and 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.

Baldwin referred questions about the verdict to his attorney, James Cobb.

“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.”

I guess Baldwin didn’t pray hard enough.

12 comments

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  1. 1
    lofgren

    One of the cooler things that’s going on in my life right now is a short story my wife is writing about one of the Baldwin brothers assassinating Obama in his box seat at the theater.

  2. 2
    Zeno

    Baldwin testified he would have held out for much more if he had known BP had committed to ordering 32 oil-separating centrifuges.

    I suspect Baldwin was telling the truth. However, the attorneys for Costner and Smith successfully argued that Baldwin had been informed about BP’s interest and prematurely sold the stock anyway. Baldwin probably didn’t understand what he was told at the time, upholding his reputation as the stupidest Baldwin.

  3. 3
    Doug Little

    Exactly how did Costner defraud Baldwin in this case? Were they arguing that Costner was withholding information from Baldwin about BP’s intent?

  4. 4
    andrewlephong

    Two sentences in the article appear to illustrate what’s wrong with Baldwin’s case:

    Baldwin testified he would have held out for much more if he had known BP had committed to ordering 32 oil-separating centrifuges.

    And…

    At the time they [Baldwin & Contogouris] sold their shares, BP only had signed a non-binding letter of intent, the defendants’ attorneys said.

    So Baldwin’s claiming that it was KNOWN that BP had committed to a major order, but that he wasn’t informed about it and sold prematurely. Yet his own attorney points out that BP hadn’t actually committed at the time of Baldwin’s sale, and had only signed a non-binding letter.

  5. 5
    Brain Hertz

    Exactly how did Costner defraud Baldwin in this case? Were they arguing that Costner was withholding information from Baldwin about BP’s intent?

    It’s kind of hard to tell from the news reports, but yes, I think that’s exactly what they were arguing.

  6. 6
    Doug Little

    A little more info from oceantherapysolutions.com website.

    Stephen Baldwin and Spyridon Contogouri had a joint agreement to market the technology. They filed a lawsuit in Louisiana District Court claiming $10.64 million for claiming securities fraud and misrepresentation. The suit claims that Costner kept a meeting with BP secret from them, and resulted in an $18 million down payment on a $52 million purchase and that after the down payment but before any announcement Costner used part of the downpayment to buy out their shares, thus excluding them from their share of the profits from the total sale. The suit claims that Baldwin and Contogouris were told by Costner that BP had no interest in the technology and that Costner offered to buy their share for $1.4 million to Baldwin and $500,000, to Contogouris.

  7. 7
    d cwilson

    the least talented and dumbest of the Baldwin brothers,

    Given the competition for the title, that’s a momumental achievement in its own right.

  8. 8
    theschwa

    Further proof those liberal courts and activist judges hate Christians, and are actively trampling their rights!.

  9. 9
    simeamirans

    The Now Show on BBC Radio 4 picked up on this in their early coverage of the spill, speculating that James Cameron was now so rich that he was staging his stories in real life rather than in movies. “It makes sense of everything: Kevin Costner’s brother, the black president, …”

  10. 10
    Area Man

    Serious question: Has Stephen Baldwin had any decent acting performances other than The Usual Suspects? I can think of two other things he was in that I’ve seen: a movie with Lawrence Fishburn in which they play escaped convicts handcuffed together — hilarity ensues! — and a made-for-TV adaptation of Mr. Murder. His acting was atrocious in both.

  11. 11
    Modusoperandi

    Spyridon Contogouris!

    I just did that while waving my wand. And Harry turned in to a Spirograph! Man, Hermoine’s going to be pissed.

  12. 12
    democommie

    Re: Stevie Baldwin’s “acting”.

    Years ago, someone said to me that Darryl Hannah was a dummy. I said that they were wrong. Darry Hanah “acts” like a dummy in many of her roles. Baldwin is NOT acting–he’s a fucking moron.

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