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The $55M saga of a Netflix series nobody will ever see

nytimes.com

151–160 of 366 posts

Re: The $55M saga of a Netflix series nobody will ever see

#151
post #122

Sorry, but what's the actual corporate structure here? For software companies, investments are nominal in the sense that they come with responsible CFO's, budgeting and reporting structures that would prevent the money from being vacuumed into personal accounts for investment gambling. Is it really the case that a Netflix would just wire $11M based on a promise? Or that they would tolerate the kind of hostaging that…

Competency is a myth put in place to explain why they pay themselves more than most of us.

Re: The $55M saga of a Netflix series nobody will ever see

#152
This is a long story that can be summarized as "Carl Rinsch is going to jail". The feds will charge and convict him of wire fraud and possibly other offences. But wire fraud is so broad it easily applies in this situation.

Failing to deliver on a project because of cost overruns, reshoots, whatever is one thing. Buying cars, "investing" in crypto and otherwise using the funds for purposes not reasonably defined within the contract is fraud, plain and simple.

Re: The $55M saga of a Netflix series nobody will ever see

#154
post #82

Earlier quoted context omitted.

Bullshit. You can't write off "lost profits". The US corporate income tax code contains no such provision. Don't believe anything you read in the entertainment press, it's mostly fake news or at least not fact checked. Go ask your own income tax accountant if you don't believe me.

Using the correct accounting method (value based method) the value of an asset (the movie) includes its future profit value. If you then choose not to release the movie, the future profit goes to 0, and you can write off the loss of the asset value.

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Re: The $55M saga of a Netflix series nobody will ever see

#155
post #75

Earlier quoted context omitted.

Very different situation. For Coyote vs Acme, the movie was finished properly and the only issue was WB projected it would make more money as a tax write-off. There was no malfeasance from the director/producer/etc. For this one... well, read the article. The director/producer did some crazy stuff with the money.

The real crime in the whole Coyote vs Acme situation is that the tax code makes it more profitable to write off a completed movie than sell it.

It doesn't. It's just something that people who don't know how taxes work say.

Re: The $55M saga of a Netflix series nobody will ever see

#156
post #75

Earlier quoted context omitted.

Very different situation. For Coyote vs Acme, the movie was finished properly and the only issue was WB projected it would make more money as a tax write-off. There was no malfeasance from the director/producer/etc. For this one... well, read the article. The director/producer did some crazy stuff with the money.

The real crime in the whole Coyote vs Acme situation is that the tax code makes it more profitable to write off a completed movie than sell it.

It doesn't though. It's always more profitable to sell an asset for even just $1 than to take it as a total loss.

Re: The $55M saga of a Netflix series nobody will ever see

#157
post #121

> Netflix executives grew so concerned with Mr. Rinsch’s behavior that they consulted with the Los Angeles Police Department’s threat management unit, a person with knowledge of the matter said. A Police Department psychologist reviewed Mr. Rinsch’s texts and emails and concluded that he didn’t seem like a threat to himself or others. Were executives concerned about possible risks to people, or were they trying to us…

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Re: The $55M saga of a Netflix series nobody will ever see

#158
post #41

Earlier quoted context omitted.

Slightly unrelated, but there is a 19 hour fan-edit of the Hobbit + Lord of the Rings -- i.e someone glued all 3 Hobbit movies and all 3 LotR movies into a 19 hour video.

Hopefully that's 19 hours of LOTR with the 2-3 hours of the hobbit which was good.

You probably want the "Maple Edit" of the Hobbit (also known as "J.R.R. Tolkien's The Hobbit"). It is 247 minutes and is setup as a single film with intermissions.

Trailer:

https://www.youtube.com/watch?v=85gVFD7Dqwk

Info:

http://www.maple-films.com/jrr-tolkiens-the-hobbit/the-final...

Re: The $55M saga of a Netflix series nobody will ever see

#159

Earlier quoted context omitted.

I don't understand all the love for Dune. I read it, it was ok, and that was it. 3 underwhelming film adaptations is more than enough. Special effects don't make a movie anymore. What matters is plot (and music). For example, "Colossus the Forbin Project" is very good. Some other very good scifi movies: . Invaders from Mars . Flash Gordon (1980) . Terminator . Star Wars IV . Alien

It’s a cargo cult. Dune itself is pretty standard sci-fi. The sequels are where it goes from good to great. People deify the first one because they think that’s where the great reputation comes from, not understanding that the really interesting stuff is in the later books. I mean, the giant worm-man, the endless clones experiencing existential dread, and the trans stuff all come after book 2 and really after book 3.

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Re: The $55M saga of a Netflix series nobody will ever see

#160
post #82

Earlier quoted context omitted.

Bullshit. You can't write off "lost profits". The US corporate income tax code contains no such provision. Don't believe anything you read in the entertainment press, it's mostly fake news or at least not fact checked. Go ask your own income tax accountant if you don't believe me.

Using the correct accounting method (value based method) the value of an asset (the movie) includes its future profit value. If you then choose not to release the movie, the future profit goes to 0, and you can write off the loss of the asset value.

What basis do you have for that method? Your basis for capital losses is the amount you put into it. If you're writing it off, the value of the asset is by definition zero. The only way you could write off based on the value would be if you already paid capital gains on the value.
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