Director of Netflix sci-fi series conquer The show reportedly used a $4 million budget to bet on Dogecoin (DOGE) and made $27 million in the process.
Now director Carl Erik Rinsch wants another $14 million from Netflix, according to a Nov. 22 statement. Report The New York Times cited a confidential arbitration process.
Times report details behind-the-scenes story of Linsch’s sci-fi Netflix series conquerThe streaming giant spent $55 million to produce the show, but has yet to receive an episode.
In March 2020, 16 months after Netflix bought Rinsch’s idea and gave him an initial budget of $44 million, the director asked for more funding. Netflix agreed and sent him $11 million if he completed the show.
Rinsch used $10.5 million of the new funds to gamble on the stock market, allegedly losing nearly $6 million in just a few weeks by betting on pharmaceutical companies and the S&P 500, according to financial statements obtained by The Times.
With just over $4 million left, Rinsch moved the money to cryptocurrency exchange Kraken and went all-in on DOGE.He withdrew about $27 million in liquidation in May 2021, according to an account statement seen by The New York Times
Wild stories from Netflix.
In 2018, it purchased director Carl Lynch’s sci-fi series. In 2020, Netflix spent $44 million on the series.
Production was in trouble, and Rinsch asked for an additional $11 million. He took the funds but soon lost about $6 million in the pharmaceutical option YOLO.
After a while, he walked away with $4 million and then… pic.twitter.com/JnvY09Op9A
— Trung Phan (@TrungTPhan) November 22, 2023
“Thank you and God bless crypto,” Rinsch wrote in a chat with a Kraken representative.
Linsch allegedly used the proceeds to spend nearly $9 million on high-end furniture, designer clothing, luxury watches worth more than $380,000, and five Rolls-Royces, according to a forensic accountant hired by his ex-wife for the divorce proceedings. and a Ferrari.
related: Cryptocurrency traders are once again eyeing Dogecoin (DOGE) — and here’s why
The Times said Rinsch initiated a secret arbitration proceeding against Netflix, claiming the streaming service breached its contract and owed him $14 million in damages. Netflix denies owing Linche anything and views his demands as a form of blackmail.
Rinsch said in a deposition that items included in his nearly $9 million spending spree were conquer. He later argued in his case against Netflix that the money was actually his and that he owed $14 million.
A ruling on the case is expected soon after an arbitrator hears the case in early November.
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