All articles tagged with #carl erik rinsch
An arbitrator awarded Netflix $8.8 million in damages from director Carl Erik Rinsch over the failed development of the TV series "Conquest." Rinsch, who sold the show to Netflix in 2018 but never delivered any episodes, was found to have misused production funds on personal luxuries. The ruling also granted Netflix control over the footage of the series.
Director Carl Erik Rinsch, known for "47 Ronin," reportedly used millions of dollars given to him by Netflix for his sci-fi series to trade stocks and cryptocurrencies instead. Rinsch allegedly lost $5.9 million in trading but made a windfall with Dogecoin, turning a $4 million bet into nearly $27 million. He then spent $8.7 million on luxury cars and designer goods. Despite Netflix investing over $55 million in Rinsch's series, no episodes have been delivered, leading the company to write off the project. Rinsch and Netflix are currently in confidential arbitration proceedings, with Rinsch claiming at least $14 million in damages for contract breach.
Director Carl Erik Rinsch reportedly mismanaged the $55 million budget given to him by Netflix for the sci-fi series Conquest, blowing $10.5 million on stocks and losing $5.9 million. He then invested $4 million in Dogecoin, turning it into nearly £27 million, and spent $8.7 million on sports cars and designer goods. Rinsch's purchases included a new Ferrari and five Rolls Royces. Netflix has canceled the series and is now in a confidential arbitration with Rinsch, who claims the streaming giant owes him $14 million in damages for breach of contract.
Netflix spent over $55 million on a sci-fi series called "Conquest" by director Carl Erik Rinsch, but never received a single finished episode. After winning a competitive auction, Netflix gave Rinsch near-total budgetary and creative control, including final cut privileges. However, Rinsch's behavior grew erratic, with claims of discovering Covid-19's secret transmission mechanism and predicting lightning strikes. He also gambled millions of dollars from Netflix on the stock market and cryptocurrencies, and spent lavishly on luxury cars, furniture, and designer clothing. Rinsch and Netflix are now in a confidential arbitration proceeding, with Rinsch claiming breach of contract and demanding $14 million in damages, while Netflix denies owing him anything. This costly fiasco comes at a time when Hollywood is under pressure to cut back on spending and focus on profitability.