In a shocking turn of events, the director of Netflix’s sci-fi series “Conquest,” Carl Erik Rinsch, reportedly used a substantial portion of the show’s budget to bet on Dogecoin (DOGE) and made an astonishing $27 million in the process. The New York Times recently revealed, through a confidential arbitration proceeding, that Rinsch is now demanding an additional $14 million from Netflix. This revelation has brought the behind-the-scenes drama of “Conquest” to the forefront, shedding light on the complexities of the production.
The Backstory and Financial Debacle
Netflix initially allocated a staggering $55 million for the creation of “Conquest,” which Rinsch conceived. However, as of yet, not a single episode of the series has been delivered. This delay has become a subject of scrutiny, especially considering the unusual financial decisions made by the director.
After only 16 months of Netflix’s acquisition of Rinsch’s idea and an initial budget of $44 million, the director requested additional funds. Netflix agreed to provide him with $11 million under the condition that the show would be completed. According to financial statements obtained by The New York Times, Rinsch used $10.5 million of this fresh funding to gamble on the stock market.
Unfortunately, Rinsch’s options bets on pharmaceutical companies and the S&P 500 proved to be disastrous. Within a few weeks, he allegedly lost nearly $6 million. Left with a little over $4 million, Rinsch decided to transfer the remaining funds to the crypto exchange Kraken and went all in on DOGE. In May 2021, when he liquidated his investment, Rinsch withdrew approximately $27 million, as evidenced by an account statement seen by The Times.
A Lavish Lifestyle and Claims Against Netflix
With his newfound wealth, Rinsch went on a spending spree, allegedly splurging nearly $9 million on extravagant purchases. These included high-end furniture, designer clothing, a luxury watch worth over $380,000, five Rolls-Royces, and even a Ferrari, according to a forensic accountant hired by Rinsch’s ex-wife for their divorce proceedings.
In response to his actions, Rinsch launched a confidential arbitration proceeding against Netflix, accusing the streaming service of breaching their contract and claiming $14 million in damages. However, Netflix staunchly denies any owed debt, deeming Rinsch’s demands as a shakedown. In a deposition, Rinsch contended that his lavish expenditures were props for “Conquest,” attempting to justify his spending spree. He further argues that the money is rightfully his and that he is owed an additional $14 million.
Now, the case is awaiting a ruling, as it was heard before an arbitrator earlier in November. The outcome will determine whether Rinsch’s claims hold merit and if Netflix will indeed be held accountable for any contractual breaches.
The saga surrounding the director of Netflix’s “Conquest” provides a glimpse into the pitfalls and controversies that can arise in the entertainment industry. With allegations of mismanagement and financial recklessness, the series’ future hangs in the balance. As the world eagerly awaits the resolution of this legal battle, it serves as a cautionary tale for aspiring filmmakers and serves as a reminder of the importance of financial responsibility and contractual agreements in the world of showbiz.