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“He exited on his own accord, prior to the meeting,” Smith said.

Cobb said his clients said they didn’t know about the deal when they agreed to sell their combined 38 percent ownership stake in Ocean Therapy Solutions for $1.9 million.

“They concealed the fact that BP looked favorably upon funding this,” Cobb said.

Cobb said “insult was added to injury” when Costner and Smith used BP’s deposit to buy out Baldwin and Contogouris‘ shares in OTS.

Smith’s attorney, Roy Cheatwood, said Baldwin and Contogouris “hedged their bets” and sold their shares before BP committed to the deal.

“They want their cake and they want to eat it, too,” Cheatwood said. “They want the money they had and they want the money they chose not to risk.”

Pacific West Resources, a company operated by Costner and Smith, also is a defendant in the case.