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Entries in BP (5)

Thursday
Jun072012

Kevin Costner to Testify in Stephen Baldwin Suit

ABC/Ida Mae Astute(NEW ORLEANS) -- Kevin Costner, the Academy Award winner who starred in Dances With Wolves and Hatfields & McCoys, may testify as early as Thursday in a Louisiana court in response to a suit filed by fellow-actor Stephen Baldwin.

Baldwin, the youngest of the four acting Baldwin brothers, filed a suit in December 2010 against Costner and his business partner, Patrick Smith, over profits from a technology that BP leased for the Deepwater Horizon spill.

The actors' trial proceedings take place daily this week and are expected to last two weeks.  Smith, the trial's first witness, testified for two hours on Monday and eight hours on Tuesday.

Costner's device is a five-ton centrifuge designed to separate water from oil, spit out clean water and save the oil, Smith said in his testimony this week.  The two seeked to place the centrifuges on ships.

The timeline of the case goes as far back as the production for Costner's film, Waterworld.  Costner starred and co-directed the science-fiction film, which tanked at the box office when it was released in 1995.

In the early 1990s, Costner financed and oversaw the development of an oil and water separation technology under the auspices of a corporation owned and managed by him called CINC Inc., which stands for "Costner in Nevada Corporation."

After the oil spill in the Gulf of Mexico in April 2010, Costner made headlines again marketing his device and snagging a $52 million deal with BP for 32 of his centrifuges.

"It separates oil and water at incredibly high speeds under very difficult conditions," Costner told ABC's Good Morning America's Sam Champion in 2010.

The devices weren't used to cap the well but were designed to collect oil on the water's surface.

Joining Baldwin in the lawsuit is Spyridon Contogouris, described as a hedge fund consultant and having "been friends for many years" in a court filing.  The two seek more than $21 million in damages against Costner, Smith and their company, WestPac, for duping them into selling their shares in the company, Ocean Therapy Solutions, before making the $52 million deal with BP.

Baldwin says he was bought out of Costner's company for $500,000 while Contogouris was bought out for $1.4 million.

BP reportedly never used the 32 devices it ordered from Costner's company, according to the U.S. Coast Guard.  By September 2010, the well was eventually sealed with cement and a relief well.

Copyright 2012 ABC News Radio

Tuesday
Jun052012

Kevin Costner and Stephen Baldwin Star in Real-Life Legal Battle

Arnaldo Magnani/Getty Images(NEW ORLEANS) -- Kevin Costner and Stephen Baldwin were in a New Orleans’ courtroom Monday for the opening of a civil trial on Baldwin’s claim Costner cheated him and a friend out of millions of dollars in connection with investments in an oil separating device that was used to help clean up the Gulf of Mexico after the 2010 BP oil spill.

Baldwin and his friend, Spyridon Contogouris, invested in Costner’s company, Ocean Therapy Solutions, and claim in a lawsuit the Hatfields and McCoys actor and his business partner, Patrick Smith, duped them out of millions of dollars because they didn’t know the company had made a multi-million dollar deal with BP before they sold all their shares.

The lawsuit states BP agreed to make an $18 million dollar deposit on a $52 million deal to buy 32 oil-separating centrifuges from the company.  Baldwin and Contogouris are seeking a portion of BP’s deposit, along with $21 million in damages.

Costner’s attorney, Wayne Lee, says his client played no role in Baldwin and Contogouris’ decision to sell their shares.

Costner and the other defendants in the lawsuit have countersued.

Copyright 2012 ABC News Radio

Thursday
Dec232010

Stephen Baldwin Sues Kevin Costner over BP Oil Spill Technology

Photo Courtesy - -Getty Images(NEW ORLEANS) -- Stephen Baldwin has filed suit against fellow actor Kevin Costner after he said he was tricked into selling his shares of a company that made millions during the BP oil spill.

The lawsuit, filed Wednesday, claims that Baldwin and a friend were duped out of an $18 million deal with BP that involved the sale of a device that separated water from oil.

The two say they owned shares in a joint venture, Ocean Therapy Solutions, which marketed the technology to BP but were excluded from a meeting at which Costner and a BP executive inked a multi-million dollar order of the devices.

Unaware of the deal that had been made; Baldwin said he and his friend, Spyridon Contogouris, sold their shares in the company for $1.4 million.

Copyright 2010 ABC News Radio

Stephen Baldwin Sues Kevin Costner over BP Oil Spill Technology

(NEW ORLEANS) – Stephen Baldwin has filed suit against fellow actor Kevin Costner after he said he was tricked into selling his shares of a company that made millions during the BP oil spill.

The lawsuit, filed Wednesday, claims that Baldwin and a friend were duped out of an $18 million deal with BP that involved the sale of a device that separated water from oil.

The two say they owned shares in a joint venture, Ocean Therapy Solutions, which marketed the technology to BP but were excluded from a meeting at which Costner and a BP executive inked a multi-million dollar order of the devices.

Unaware of the deal that had been made; Baldwin said he and his friend, Spyridon Contogouris, sold their shares in the company for $1.4 million.

Copyright 2010 ABC News Radio


Tuesday
Dec142010

Twitter Names Its Top Trending Topics of 2010

Photo Courtesy - Nicholas Kamm/AFP/Getty Images(SAN FRANCISCO) -- Twitter says the Gulf oil spill was the number one trending topic on its site this year.  The BP oil rig disaster ranked first on the micro-blogging website’s list of the top ten trends for 2010.  The oil rig exploded in April, and the leaking well wasn’t capped until September.

Justin Bieber ranked eighth, ahead of Harry Potter and the Deathly Hallows and Pulpo Paul, the octopus that picked winning teams during this past summer's World Cup tournament.

Twitter says more than 25 billion messages have been sent so far this year.

Here is Twitter’s list of 2010’s top 10 trending topics:

1. Gulf oil spill
2. FIFA World Cup
3. Inception
4. Haiti earthquake
5. Vuvuzela
6. Apple iPad
7. Google Android
8. Justin Bieber
9. Harry Potter & the Deathly Hallows
10. Pulpo Paul

Copyright 2010 ABC News Radio

Thursday
Sep232010

Kevin Costner Says His Company Can Deal with Future Oil Spills 

Image Courtesy: ABC News(NEW YORK) -- Actor Kevin Costner testified Wednesday before the House of Representatives Committee on Homeland Security in Washington, D.C. about the BP oil spill, which crippled the Gulf Coast economy and severely damaged its ecosystem.  The Oscar winner, who has a company that's been developing a device to separate water from oil, said his researchers have come up with a way to deal with not just one oil spill, but multiple spills occurring simultaneously.  Costner explained, "The plan is simple and it's easy to understand. It is backed up by logistics, science and engineering.  It is an aggressive strategy built around rapid deployment, overwhelming response and the mechanical recovery of oil from water."

Copyright 2010 ABC News Radio







ABC News Radio