The director of the samurai film “47 Ronin” with Keanu Reeves secured $55 million from Netflix for a sci-fi series. But he never delivered a finished episode. Instead, he invested some of the money in cryptocurrency and bought 5 Rolls-Royces.
What kind of series is this? In 2018, Netflix secured 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 (cover photo), which is considered a critical and commercial flop.
Nevertheless, Rinsch’s pitch attracted interest from major streaming providers, including HBO, Amazon and Hulu. Netflix was finally able to prevail against the competition by agreeing to pay 61.2 million US dollars (approx. 55 million euros) in several installments and granting Rinsch the right to the final cut.
In its eagerness to secure “Conquest,” Netflix overlooked several bad omens: Rinsch was still in a legal dispute with previous investors, who ultimately received 14 of the $61 million. Furthermore, there was no script at that time.
Keanu Reeves became friends with Rinsch during the filming of “47 Ronin” and even invested in “Conquest”.
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About 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 possible) describes that Rinsch behaved increasingly irrationally.
Props or shopping excess?
What was the money about? In March 2020, the director got the streaming provider to give him an additional $11 million, even though Netflix had already invested $44 million and Rinsch had missed several production milestones. Of this sum, he transferred $10.5 million to his personal brokerage account and made some risky investments.
Within weeks he is said to have lost $5.9 million. Rinsch invested what was left of the money in cryptocurrencies. He is said to have bought Dogecoin – the meme currency popularized by Elon Musk – for $4 million. However, this investment paid off; in May 2021, the director was able to cash out $27 million, which he used to go on a shopping spree.
In addition to a luxury watch and designer furniture and clothing, Rinsch bought a Ferrari and five Rolls-Royces. During his concurrent divorce, he claimed 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 production and would stop financing. Rinsch would be free to market the project elsewhere, but a potential buyer would then have to reimburse the streaming service for the expenses incurred, it said in an email.
Rinsch never delivered a finished episode. Instead, he accused Netflix of breach of contract and is demanding at least $14 million in damages. The streaming provider counters that the director did not achieve the contractually agreed production milestones. Both parties are currently in confidential arbitration proceedings.
It remains to be seen how the situation will develop. However, it seems unlikely that we will see “Conquest” any time soon. Rinsch did not want to make a statement to the New York Times.
Because a film flopped and ruined a studio, Hollywood feared an entire genre for years