Stephen Baldwin is suing fellow actor Kevin Costner for cheating him out of millions in profits by failing to disclose the true financial status of a company in which they both owned stock.
Forbes Magazine reports that on Wednesday, Baldwin filed suit in New Orleans Federal court claiming that Costner secretly met with BP to sell $52 million dollars worth of oil centrifuges, yet never told business partners about the June 8 sale or multi-million dollar deposit.
Baldwin and his business partner, Spyridon Contongouris, both owned shares in Ocean Therapy Solutions when Costner and fellow business partner Patrick Smith received an $18 million deposit for the sale.
Until the Gulf oil spill and BP’s agreement to buy the centrifuges, the market for such items was quite limited.
The Flintstone’s actor contends that within hours of the deal with BP, Costner schemed with Mr. Smith in a plot to buy out Baldwin and Contongouris (using the despoit) to rob them of making any money from the impending sale.
As a result, only 3 days later, Baldwin was paid a measly $1.4 million for his company shares. Contongouris received $500,000.
According to the lawsuit, “This action effectively robbed plaintiffs of a distribution that otherwise would have been payable to plaintiffs.”
Did you know? BBC News reports that In July, 2004, Kevin Costner was ordered by a judge to pay $6.1 milion to buy out his buisness partners in a South Dakota casino after Mr. Costner attempted to squeeze them out of the business. Costner appealed the decision by hiring an accountant to say the market value was only $3.1 million.