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Nov 23, 2023
The streaming giant invests $55 million in a sci-fi series, "Conquest," now mired in financial and contractual disputes.
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Director Carl Erik Rinsch initiates a "confidential arbitration" against Netflix, alleging breach of contract and claiming $14 million in damages.
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Rinsch diverts $10.5 million of Netflix funds to stocks, losing $5.9 million within weeks, adding to the project's woes.
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Amid project chaos, Rinsch invests in Dogecoin, turning a $4 million investment into nearly $27 million by May 2021.
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Rinsch splurges on luxury items, including five Rolls-Royces, a Ferrari, and high-end fashion, attributing it to the "Conquest" production.
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Initially justifying expenses as project-related during divorce proceedings, Rinsch later claims the money is rightfully his in the Netflix arbitration case.
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After management changes and Holland's exit, Netflix stops funding "Conquest," allowing Rinsch to take the project elsewhere, with conditions.
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Amazon, the initial contender, might have avoided a financial quagmire by losing the bid to Netflix for Rinsch's problematic project.
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