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Kevin Costner in Court

I Did NOT Defraud

A Baldwin

6/4/2012 9:42 AM PDT BY TMZ STAFF
breaking news


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Kevin Costner
is ready to prove to a jury he's not a fraud ... despite what Stephen Baldwin says -- because the courtroom showdown starts today in New Orleans.

TMZ broke the story ... Baldwin sued Costner back in 2010, claiming the actor duped Baldwin into selling shares in a company that builds machines designed to clean up oil spills.

Baldwin claims Costner and his business partner knew that the company was about to score a bonanza by selling the machines to help clean up the BP disaster, but withheld the info from Baldwin, who then sold his shares back to the company, not knowing about the looming windfall.

Costner claims there was no firm deal to sell the machines to BP when Baldwin dumped his shares ... adding he had no idea that Baldwin was even interested in selling.

Costner's company scored a $52 million deal with BP, and Baldwin now wants $21 mil for his troubles.

Jury selection has just gotten underway. Thanks to WGNO for the video.

46 COMMENTS

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16.

Scotty    

What, is Kevin Costner on the side of big oil? Instead of funding the creation of an oil spill clean up machine, maybe Costner should join the ranks of those who support the off shore drilling moratorium.

786 days ago
17.

shelly    

if he had told, isn't that insider trading? so, he couldn't tell

786 days ago
18.

MsSuburbia    

The Baldwins are all insane.

786 days ago
19.

babygirlsnonnie    

Costner has way more class, talent and Business sense than Baldwin.

786 days ago
20.

Octocunny    

Wheres your god now Barney Rubble?

786 days ago
21.

Quinn    

& didn't Costner renege on building a gianormous luxury casino and screw some sculptor outta money too? Doesn't seem like Costner is all that good of a business man.

786 days ago
22.

Don    

Stephen Baldwin is a swine republican ahole who is also a religious nut job so I believe Kevin Costner

786 days ago
23.

ElisabethIsDisgusting    

If Kevin Costner HAD known that (and I'm not saying he did) & told Stephan Baldwin, that would be trading on insider information, which is a crime.

Stephan Baldwin is a moron.

786 days ago
24.

tansubh    

Honestly, anyone with half a brain cell would have been able to figure out that it's a bad idea to seel at that time. There's an oil spill., I own shares in a company that can clean up oil spills..... Hmmmmm1 +1 = get rid of the shares?

786 days ago
25.

janie    

Stephen Baldwin mus be a McCoy. I'm on team Hatfield.

786 days ago
26.

weird al yankovich    

Baldwins just pissed cuz he messed up big time. And putting costner through this will come back to bite him in the butt fo sho !

786 days ago
27.

good as gold    

Costner’s rep tells EW that the actor’s lawyers filed a Motion to Dismiss Feb. 1. According to his rep, “[The Motion states] that there are no allegations or claims even in the complaint itself that Costner did anything wrong or participated in any way in the decision by Baldwin and Contogouris to sell their interests in Ocean Therapy Solutions back to another member of that company or the repurchase of those interests.”) Stephen Baldwin is suing Kevin Costner for $3.8 million over a tiff involving oil-separating technology that the Waterworld actor pushed to help solve the BP oil spill in the Gulf of Mexico. A complaint filed in Louisiana District Court alleges that Baldwin and friend Spyridon Contogouris entered into a joint agreement to help market the technology — developed under the Costner in Nevada Corporation (CINC) — to BP following the spill. Court papers, however, claim Costner excluded them from a meeting with BP that resulted in an $18 million down payment for the CINC technology. After allegedly not being told of the meeting, Contogouris and Baldwin claim Costner used the $18 million to buy them out of the enterprise, forcing them to give up approximately $2 million of their shares one day prior to BP’s $52 million purchase of CINC technology. Contogouris is suing for $10.64 million; both plaintiffs are claiming securities fraud and misrepresentation.

786 days ago
28.

Tammy    

If the company is public, then it probablywould've been insider trading, but I think it's a private company. Whatever the case: TEAM COSTNER!!!!

786 days ago
29.

scott    

This is a repulsive example of Wall Street BS regardless...Costner poised to make 30m b/c he has inside information that this company will be selected to clean up the spill....and Baldwin bitter b/c he wasn't kept in the know? Seriously?

786 days ago
30.

Tracker    

test

786 days ago
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