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Stephen Baldwin Loses to Kevin Costner in Court

Stephen Baldwin Loses to Kevin Costner in Court June 18, 2012

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.

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