Actor/reality TV guy Stephen Baldwin who filed for bankruptcy a year and half ago–fans launched a website for donations to help him out– has filed a lawsuit against Academy Award winning actor/director Kevin Costner. Per TMZ, the suit accuses Costner and his business partner Patrick Smith of securities fraud and misrepresentation.
Baldwin says he and a friend Spyridon Contogouris, were
clandestinely, secretly and wrongfully
tricked into selling their shares of Ocean Therapy Solutions, which manufactures a centrifugal device to separate oil from water that Costner spent years developing after the Exxon Valdez spill. The suit alleges that in April Costner and Smth lead Baldwin and Contogouris into believing ther was no interest in the company, so the duo sold their 10% stake.
But BP licensed the devices from Ocean Therapy Solutions for $52 million, and Baldwin claims the company misrepresented that there was no deal to sell the contraption to BP at the time he sold his shares.
Costner hasn’t commented. Baldwin made no mention of his documentary Will to Drill about the BP spill and its effects on the Gulf region.