In a surprising turn of events, Netflix reportedly gave $55 million to Carl Erik Rinsch, the director of 47 Ronin, for a new sci-fi series called Conquest. However, things took an unexpected and controversial turn.
According to a report by The New York Times, Rinsch allegedly used $10.5 million from the show’s 2020 funding to invest in stocks, resulting in a loss of $5.9 million. He then shifted to cryptocurrency, purportedly spending $4 million on Dogecoin, turning it into nearly £27 million. Subsequently, $8.7 million was reportedly splurged on sports cars and designer goods.
A forensic accountant, hired by Rinsch’s wife during their divorce proceedings, found that his purchases included a new Ferrari and five Rolls Royces. Surprisingly, Netflix has not received a single episode of the sci-fi series. Consequently, the streaming giant recently canceled Conquest, citing the circumstances surrounding the director’s actions.
The show was initially planned as a 13-episode sci-fi series with an initial budget of $44 million. Rinsch later requested an additional £11 million in March 2020.
“Despite providing funding and support, it became evident that Mr. Rinsch was not going to complete the project he agreed to make,” stated Netflix spokesperson, Thomas Cherian. He also confirmed that Netflix has written off the series.
Following this, Netflix and Rinsch entered into a confidential arbitration initiated by the director himself, claiming Netflix owed him $14 million in damages for breach of contract.
While Rinsch has elected not to comment on the allegations, he did post an Instagram story expressing his anticipation of discussions about his mental state. He also announced the closure of his Instagram account.
Conquest was already a significant risk for Netflix, as they had invested $44 million in a relatively unknown filmmaker with 47 Ronin being his only feature film, which was a box office disappointment.
IGN’s 47 Ronin review gave it a 6.1/10 and stated, “47 Ronin has little beneath the surface to recommend it. There are a few good fights, though.”
For more on Netflix, explore what’s in store for Black Mirror Season 7 and check out the best streaming devices in 2023.
Image credit: Photo by John Sciulli/Getty Images for Team One, Saatchi LA
Ryan Leston is an entertainment journalist and film critic for IGN. You can follow him on Twitter.
