Though this edition of Lawsuit of the Week runs the risk of being called 'Hollywood' we think you will agree that the following story is nonetheless a very worthy recipient of the honor. With both big and not-so-big movie stars as well as associates with names worthy of James Bond villian status (we will let you figure out on your own who we are referencing with these descriptions below) caught up in corporate intrigue after a recent disaster, it almost feels as if a mash-up of a B-film from the nineties with a destined-to-fail summer blockbuster.
However, allow us to dispense with the pleasantries. For those who haven't heard, Stephen Baldwin and his friend Spyridon Contogouris are suing Kevin Costner for misleading them over the status of the chemical company they all had ownership stakes in. The company, started by Costner, had developed a technology which separated water from oil. For those who have been on a space station or under a rock for the past 12 months or so, this took on particular relevance when the BP disaster in the Gulf of Mexico occured as there was suddenly much more demand for such a process than there had been previously. Baldwin and Contogouris were apparently involved as equity partners and in a marketing/matchmaking capacity.
Oh yes, we almost forgot...there was a failed venture which had been developed to produce a documentary about the disaster that is involved in the suit as well. Contogouris is suing for $10.64 million in damages while Baldwin claims $3.8 million, both on claims of securities misrepresentation and fraud. Reuters has more details, including a description of the almost shockingly unforeseeable breakdown in relations between the parties here.
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