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He changed his tune in a later arbitration case with Netflix, where he claimed that not only was the money contractually his to do with what he pleased, but Netflix owed him more than $14 million in unpaid invoices.
The absolute sack on this guy lmao
That's how you get blacklisted from Hollywood.
With 55 million, do you even care lol
I feel it depends how much of that money is still left useful.
Wanna buy dogecoins?
If you're reading this, Netflix, I'm willing to do the exact same thing for just $40 million.
I’ll do it for just $500K and it’ll be a series about a man (me, extra savings on casting) wildly misspending the money battling a capitalist society run amok by paying off his mortgage and student loans. Episodes are about 30 secs to 1 min, depending how long the payment sites take to load.
$500k will only barely get you a Rolls Royce Phantom, though 😞 Nobody should be expected to work under such horrible conditions.
WON'T SOMEBODY PLEASE THINK OF THE MILLIONAIRES?
Is this why they had to raise their prices again?
Netflix had in 2023 roughly 247 Million paying user (they say). Blowing 50 Mil. is like 0.20$ for every user. It was mostly a mix of inflation, greed and shareholder demand for profit increase (also greed) that made you pay now more, for barely the same service/product.
The good news is that there's going to be a riveting Netflix documentary about it,
Going to honest, I'm more likely to watch that than what they were supposed to make.
Unless the doc's director also runs away with the money, a double bamboozle
When Netflix acquiesced and wired the money, Rinsch sent most of it directly to his personal Charles Schwab account, and made big bets on biotech firm Gilead Sciences, and on shorting the S&P 500 index. In just a few weeks he’d lost $5.9 million. Cutting his losses, Rinsch pulled $4 million from his Schwab account and put it directly into Dogecoin. Wow, such invest.
Hahaha they gave $millions to a guy from r/wallstreetbets
He turned the $4m doge into like $17m didn't he?
I don't know, but that would mean he was luckier, not less stupid.
$27m actually lol.
Perfect. Haha
Are we sure he didn't think he was hired to be the CEO?
So this is where the money for my next season of Inside Job went? Fuck you Netflix 😩
How the fuck can they just cut the series in the middle of a season? It was a great show.
At this point if you are watching a Netflix show immediately after it starts airing, thats on you. What more do they need to do to prove they will drop any show the second it fails to meet their viewing requirements.
Basically cant even start watching a Netflix show until it's a season or two in.
I don’t think unproven director is the issue here
How does he move it all to a personal account?
They will spend $500k to make a documentary about this, pump it up to hit #1, and at the end of the day net the same results: $55.5 million spent to have the #1 show.
Judging by the story in the article, the doc would be hundred times more interesting than the nonexistent tv show anyway.
Those poor shareholders, my heart just breaks for them
It won't even touch them. It will come out of the pockets of lower level employees or future projects.
Netflix really needs to vet their projects better.
This just means they get to cancel a few of their good shows now. Their favorite thing to do.
hey netflix give me Millions of dollars and ill make a tv show for you
I mean, good for him lol
Hey Netflix, I'm available too to make a sci-fi series. I'm an unproven director who can put something together for only like... $50 million. Totally worth your money.
Can they not sue on a case like this?
And get what money? The money’s spent, it’s gone, and the directors not getting another big payday like this ever again. They can spend $10k on lawyers to get the $216 in his checking account.
Article says it's in arbitration so it's not like they aren't doing anything about it. And one can assume they're still paying their lawyers quite a bit during the arbitration. Also the person can be forced to sell off assets to pay for damages.
Also at the end of the article it says he pulled out 27 million he made in doge coin from 4 million he invested of Netflix's money.
Dudes rock
They maybe can get him for wirefraud which means jail time. I don't know Im no lawyer though.
The article says it's in arbitration which is basically the same thing, sans an actual court.
Maybe they have insurance over the project and can recover some of the money. The company I work for sell this kind of insurance, but is usually for construction projects.
Oh no!
Anyway...
Rolls-Royces, Crypto, And Dodgy Stock Bets
That's a funny way to spell cocaine and hookers.