The director of the samurai film “47 Ronin” featuring Keanu Reeves secured 55 million USD from Netflix for a sci-fi-series. However, he never delivered a finished episode. Instead, he invested part of the money in cryptocurrency and bought 5 Rolls-Royces.
What kind of series is this? In 2018, Netflix acquired the rights to the sci-fi series “Conquest” by Carl Rinsch. The director is mainly known for his debut film “47 Ronin” with Keanu Reeves (title image), which is considered a critical and commercial flop.
Nevertheless, Rinsch’s pitch captured the interest of major streaming providers, including HBO, Amazon, and Hulu. Ultimately, Netflix overcame the competition by agreeing to pay 61.2 million USD (about 55 million euros) in several installments and granting Rinsch the right to the final cut.
In their eagerness to secure “Conquest,” Netflix overlooked several bad signs: Rinsch was still in a legal dispute with previous investors, who eventually received 14 of the 61 million USD. Additionally, at that time, there was still no script.
Keanu Reeves had befriended Rinsch during the filming of “47 Ronin” and even invested in “Conquest”.
From chaotic filming and 5 Rolls-Royces
How did the filming go? Filming began in São Paulo, Brazil, where a representative from the local film union was sent to the set. Apparently, there had been complaints that Rinsch was mistreating the team with “yelling,” “cursing,” and “excessive irritability.”
Filming continued in Uruguay and Budapest. In a detailed report, the New York Times (paywall may apply) stated that Rinsch was increasingly behaving irrationally.
Props or shopping excess?
What was the deal with the money? In March 2020, the director persuaded the streaming provider to transfer another 11 million USD to him, even though Netflix had already invested 44 million and Rinsch had missed several production milestones. From that sum, he transferred 10.5 million USD to his personal broker account and made some risky investments.
Within weeks, he reportedly lost 5.9 million USD. What remained of the money was invested by Rinsch in cryptocurrencies. He allegedly bought Dogecoin – the meme currency popularized by Elon Musk – for 4 million USD. However, this investment paid off, and by May 2021, the director was able to cash out 27 million USD, which he used for a shopping spree.
Along with a luxury watch and designer furniture and clothing, Rinsch bought a Ferrari and five Rolls-Royces. During his ongoing divorce, he claimed that the purchases were props for “Conquest.”
Director wants even more money from Netflix
What happened to the series? At the time of his shopping excesses, the director had already been informed by Netflix that they saw no way to continue with the production and were halting the funding. Rinsch was free to market the project elsewhere, but a potential buyer would have to reimburse the streaming service for the expenses incurred, as stated in an email.
Rinsch never delivered a finished episode. Instead, he accused Netflix of breach of contract and is demanding at least 14 million USD in damages. The streaming provider contests this, stating that the director did not meet the contractually agreed production milestones. Currently, both parties are in a confidential arbitration process.
It remains to be seen how the situation will develop. However, it seems unlikely that we will see “Conquest” anytime soon. In an interview with the New York Times, Rinsch declined to make a statement.
Because a movie flopped and a studio was ruined, Hollywood feared a whole genre for years
