While it’s not uncommon for Hollywood productions to go haywire, Netflix Inc. (NASDAQ:NFLX) has reportedly invested $55 million on a project that may never see the light of day. Of which, $11 million was invested in stocks and cryptocurrency by a filmmaker who is now at odds with the streaming giant.
What Happened: Netflix is currently engaged in a “confidential arbitration” process initiated by the filmmaker Carl Erik Rinsch, claiming that the company breached the contract and owed him at least $14 million in damages. Netflix has denied such claims, reported The New York Times.
It all started when Cindy Holland, Netflix’s VP of original content at the time, decided to win the auction for Rinsch’s proposed project — a science fiction series based on artificial humans.
This TV series named “Conquest” has resulted in a massive loss of money, time, and energy for Netflix because, to date, the streaming ...