Stephen Baldwin Sues Kevin Costner over Gulf Spill Invention

Source: Guardian, Ed Pilkington (2/14/11)

"Baldwin says he was duped into selling shares in 'Costner solution' as BP agreed to pay more."

When the Hollywood star Kevin Costner unveiled his wonder cleaning device amid the crisis over the Gulf of Mexico (GOM) oil spill last year, he was lauded as a possible savior. The machine was dubbed the "Costner solution," he was invited to speak before Congress and BP sank more than $50M into the idea.

But not everybody has been delighted by the role Costner played as actor-turned-environmental entrepreneur. Fellow star Stephen Baldwin has launched a multimillion-dollar lawsuit against Costner and his partners in one of the more unusual examples of a Hollywood relationship turning sour.

Baldwin claims he was duped into selling his shares in Costner's invention just as BP was agreeing to pour money into it. He's demanding almost $4M in damages and his fellow claimant, Spyridon Contogouris, more than $10M.

The lawsuit, which was lodged at the new year, has forced a surprising admission from Costner's lawyers. Though Costner acted as front man for the centrifugal devices and presented the case to Congress in June, he has now filed for dismissal of the legal action on the grounds that he played no official role within the company distributing the machines. As the Los Angeles Times put it, Costner had in fact been a "celebrity salesman."

Costner's machine was a byproduct of his 1995 epic flop, "Waterworld." The film got him interested in creating technology that could separate oil from water by spinning it, which would be much less polluting than burning oil on the surface or dispersing it with chemicals.

Costner sank 15 years and >$20M into the project. He told Congress he wanted to develop the technology because he was convinced of its effectiveness—not because "I heard a voice in the cornfield," a reference to his "Field of Dreams" film about a magical baseball park.

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Source: Streetwise Reports (01/29/2021)

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Source: Streetwise Reports (01/28/2021)

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Source: Streetwise Reports (01/27/2021)

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Source: Streetwise Reports (01/27/2021)

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Source: Streetwise Reports (01/26/2021)

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Source: Streetwise Reports (01/25/2021)

Shares of Aurinia Pharmaceuticals traded 30% higher after the company reported that the U.S. Food and Drug Administration approved its LUPKYNIS™ (voclosporin) for use in treating adults with active lupus nephritis.

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Source: Streetwise Reports (01/22/2021)

AzurRx BioPharma shares traded 45% higher after the firm advised it had dosed the first two patients in its Phase 2b OPTION 2 Extension Study of MS1819 for treatment of exocrine pancreatic insufficiency in patients with cystic fibrosis.

NGL Energy Shares Rise 21% as It Seeks to Raise $2.05 Billion from Senior Secured Note Offering
Source: Streetwise Reports (01/21/2021)

Shares of NGL Energy Partners LP traded higher after the firm made a series of announcements over the past three days regarding an update on financial operations, a settlement with a customer in bankruptcy, a quarterly Class D unit distribution and a $2.05 billion senior secured debt offering.

Explorer Discovers New Gold Mineralization at Abitibi Gold Belt Property
Source: Streetwise Reports (01/21/2021)

iMetal Resources is setting out to see if the multi-million ounce gold resource next door continues onto its Gowganda West property in Ontario.

Gritstone Oncology Licenses LNP Platform from Genevant Sciences to Develop COVID-19 Vaccine
Source: Streetwise Reports (01/20/2021)

Shares of Gritstone Oncology reached a new 52-week high price after the company advised it entered into a non-exclusive licensing agreement with Genevant Sciences to develop and commercialize self-amplifying RNA vaccines for use against SARS-CoV-2.