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Stephen Baldwin:

Costner 'Robbed' Me in BP Disaster

12/23/2010 11:00 AM PST BY TMZ STAFF

Stephen Baldwin is suing Kevin Costner, claiming Costner and his business partner  "schemed" to make millions of dollars off the BP oil rig disaster ... by allegedly duping Baldwin into selling shares in a company that builds machines that separate oil from water.

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In a lawsuit filed in Louisiana federal court, Baldwin claims in April, he had a meeting in the wake of the oil disaster, and decided to become a 10% partner in an invention backed by Costner -- a device that separated oil from water that was actually developed during the filming of "Waterworld."

According to the lawsuit, Costner and his partners made it seem as if Costner had already sold his shares in the company when in fact he was still heavily invested.  Baldwin also claims the company misrepresented that there was no deal to sell the contraption to BP.

Baldwin alleges he was duped into selling his shares back to the company so Costner and his partners could score a bigger profit in a deal that was already inked -- specifically, a deal with BP valued at more than $52 million.

Baldwin is suing for unspecified damages. No comment from Costner's camp.


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63 COMMENTS

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16.

DIMO    

HEY...COME ONE, COME ALL....FREE ADVERTISING AND FREE PROMOTION FOR ANY LITTLE SCHEME YOUR LITTLE HEART DESIRES! Just go to TMZ.COM......They never monitor their site, and anything goes! Oh yea, seems that lately all racist comments are welcomed too!!!!

1214 days ago
17.

artie help    

#17,DIMO is this the demo who's been the in house fluffer for the baldwin's since the old day's in masapequa?? stfu you bloviating jerk-off. Alec is looking for you in the back of the trailer.

1214 days ago
18.

eddie    

Why can't this Baldwin just go away....... Please.......

1214 days ago
19.

Bubbles The Chimp    

The rubbish machine is like the Waterworld movie. A disaster. He should have known.

1214 days ago
20.

eyeinthesky    

They both suck! When u can't sell a movie sue the other actor(s). Enough said!!

1214 days ago
21.

Robert    

It could have been worse. He could have had monkey points in Waterworld...

1214 days ago
22.

ALC    

You need to read the lawsuit papers. They were all trying to profit from the BP oil spill BUT Costner and Smith committed fraud to aquire the shares. Baldwin and the other guy lost a lot of money that they were legally entitled to because at the time of the sell to BP they were still full partners. Costner and Smith lied to them and told them there was no binding sell when in fact there was and a deposit already made. Smith and Costner converted those funds that belonged to the COMPANY and used that to buy the shares of the others. They were so crooked that they didn't even use their own money. They basically handed money that should have been PROFIT, owed to the others, to them to buy their shares.

1214 days ago
23.

oneal♥Rachel on BB    

http://www.youtube.com/watch?v=PPCAGPucGYs

1214 days ago
24.

JJ    

The more you read about Kevin C; the more you see he's a real life DIRT BAG.

Remember that situation with that women on his honeymoon?

Now I really know whyt they call them "actors"; WHAT A CREEP.

1214 days ago
25.

TmZebrA    

It`s not hard to dupe someone who actually did a paulie shore movie!

1214 days ago
26.

tigress    

Karma, this is what happens when people try to profit from a national disaster such as this BP Big Oil mess. The rumor is that **** Cheney "fixed" it so BP/Halliburton could have no safety regulation restrictions. This was similar to the De-regulating the the banks giving the crooks free rein with our money. Looks like Cheney's bad karma is catching up with with him because now he is a walking corpse.

1214 days ago
27.

Javadude54    

Is Kevin Costner to blame... or could it be.... SATAN!!??

1214 days ago
28.

TheUltraworld    

Baldwin is a kook. He sold his stock before we found out it doesn't work. He made money.

1214 days ago
29.

spearit    

Stephen probably had to sell the stock for his foreclosure and bankruptcy proceedings. What an idiot.

1214 days ago
30.

Marknpgh289    

If Stevie didn't list this "investment" as an asset in his bankruptcy he's gonna have some 'splainin' to do. Bankruptcy Courts have a problem with hiding assets.

1214 days ago
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