Director Carl Erik Rinsch, recognized for his work on “47 Ronin,” reportedly took a risk with a portion of the $61.2 million budget allocated by Netflix for the sci-fi series “Conquest.” Initially securing $44.3 million for the series, Rinsch requested an additional $11 million from Netflix as production costs escalated.
Rather than allocating the extra funds to the series, Rinsch opted for an unconventional approach. He used $10.5 million from Netflix’s 2020 funding round to delve into the stock market, as reported by The New York Times.
Details from court filings and financial documents in his divorce proceedings revealed that Rinsch incurred losses of $5.9 million through stock trading. This unconventional use of production funds adds a unique twist to the financial landscape of the sci-fi series “Conquest.”
Netflix Director Made $27 Million in Profits by Betting on Dogecoin
Following losses in the stock market, Carl Erik Rinsch shifted his attention to the crypto market, where his fortunes experienced a positive turnaround. A $4 million investment in the popular meme coin Dogecoin resulted in a substantial windfall, generating nearly $27 million in profits.
Capitalizing on this newfound wealth, Rinsch engaged in lavish spending, including the acquisition of luxury cars such as a Ferrari and five Rolls-Royces, as well as high-end designer goods, amounting to $8.7 million.
Despite Netflix’s significant investment, exceeding $55 million, in Rinsch’s series titled “Conquest,” the streaming giant has yet to receive any completed episodes, raising questions about the project’s progress and its financial implications for both parties.
In response to the lack of progress on the “Conquest” series, Netflix has decided to write off the project, citing concerns about Carl Erik Rinsch’s commitment to fulfilling the agreed-upon contract.
Presently, Netflix and Rinsch are entangled in confidential arbitration proceedings initiated by the director. Rinsch contends that Netflix owes him a minimum of $14 million in damages for breaching their contract. In response, Netflix, represented by spokesperson Thomas Cherian, has stated that it was “clear that Mr. Rinsch was never going to complete the project he agreed to make.” The arbitration proceedings will likely play a crucial role in determining the resolution of this dispute between the director and the streaming service.
