Actually, Alec Baldwin’s brother, Stephen Baldwin sued Kevin Costner. Costner’s company, CINC, claimed to have developed technology that would separate oil from water.
According to the reports below, it sounds like Stephen Baldwin was kept unaware that the technology was going to be sold to BP and was convinced to sell his shares of the company back to Costner, giving Costner a larger profit when BP bought the technology.
It is actually Stephen Baldwin suing Kevin Costner. Here is the basic gist of the story:
Costner is being sued by Baldwin and another man, Spyridon Contogouris (great name right?), for securities fraud and misrepresentation. Long story short, the three were involved in an investment/partnership that was contracted to market an oil clean up technology to BP shortly after the Deep Water Horizon exploded in the Gulf of Mexico. When initial reports came back to Baldwin and Contogouris the BP was uninterested in a deal, they sold their interest back to Costner and another investor in a effort to cut their losses. However, BP was interested and struck a deal with Costner and his partners allegedly worth over $52million.
Baldwin and Contogouris are alleging that they were purposfully kept out of meetings with BP and lied to about the potential for a deal, keeping them from a combined $14.44million that would have been their share of profit from the deal.
To read the full story, click the link below.
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