Unexpectedly, Netflix jumped into science fiction territory only to leave economic difficulties and half finished work. To begin with, the streaming giant gave $11 million to filmmaker Carl Erik Rinsch for making a mind blowing sci-fi series. Nevertheless, this storyline has resulted in a heated debate between Netflix and what it considers as wasting of their money.
Initially this started off in high spirits because Netflix gave Rinsch creative freedom coupled with good money to shoot the movie. However, despite these huge expenditures, the final completed parts never emerged as promised. As a result, this fallout turned into a private arbitration between Rinsch and Netflix as the former alleged breach of contract on behalf of the latter and sought damage compensation worth more than $ 14 million.
Nevertheless, Netflix denies these allegations strongly. The producers claim that they never got any episodes completed and at the end of the day they put in an extra 11 million dollars increasing their investment to fifty-five million dollars. This dispute has also been centred around on the contradiction between the amount that has been invested and the absence of deliverables.
In the midst of the trying times caused by the COVID-19 pandemic, it was revealed that a large chunk of Netflix’s investment ended up in Rinsch’s personal stock portfolio. The final blow came when the filmmaker transferred around $10.5 million to Charles Schwab and started a high risk stock option which further endangered his finances.
Things became even worse when news about insane Risch spread like fire. People who were close to him pointed out his weird behaviour in connection with the difficulties of running the Conquest campaign and hectic working routine. It seemed to have been the start of a deterioration of Rinse stability that ultimately took down the show’s production during the chaos brought by the pandemic.
Although such blunders in Hollywood production are not unheard of, this one is quite a unique incident considering the extent and lack of products delivered. Thomas Cherian, a spokesman for Netflix, pointed out that Rinsch’s series was highly supported by Netflix. However, confronted with the bitter truth of an incomplete task, Netflix decided to scrap the effort.
Check out the tweet:
JUST IN: Netflix gave $11 million to a company to produce a movie and they lost it all trading stock options.
— Watcher.Guru (@WatcherGuru) November 22, 2023