- November 24, 2023
- Posted by: [email protected]
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Carl Erik Rinsch, the director of Netflix’s sci-fi series ”Conquest”, gambled with a portion of the show’s budget, adding a layer of complexity to the production’s fate. After securing an initial $44.3 million for the series and subsequently requesting an extra $11 million from Netflix as production costs soared, Rinsch took an unorthodox approach. Instead of directing the additional funds toward the series, he diverted $10.5 million from Netflix’s 2020 funding round into the stock market, incurring losses of $5.9 million, as revealed in court documents from his divorce proceedings.
Subsequent to his losses in stocks, Rinsch turned his attention to the cryptocurrency market. A daring $4 million investment in Dogecoin, the popular meme coin, proved to be a highly profitable move, yielding an impressive $27 million in profits. Capitalizing on this windfall, Rinsch indulged in extravagant purchases, including luxury cars such as a Ferrari and five Rolls-Royces, along with high-end designer goods totaling $8.7 million.
Despite Netflix’s substantial investment in “Conquest”, exceeding $55 million, the streaming giant has yet to receive any completed episodes. This has prompted Netflix to write off the project, expressing doubts about Rinsch’s commitment to fulfilling the agreed-upon contract. The situation has escalated to confidential arbitration proceedings initiated by Rinsch against Netflix, where he claims the streaming service owes him at least $14 million in damages for breaching their contract.
Netflix, represented by spokesperson Thomas Cherian, counters that it was evident Rinsch was not committed to completing the project. The ongoing dispute not only puts the future of “Conquest” in jeopardy but also highlights the challenges that can arise when financial decisions intersect with creative endeavors. The outcome of the arbitration proceedings will likely determine the resolution of this complex situation, shedding light on the responsibilities and consequences when creative projects and financial ventures intertwine in the world of entertainment.
