Everywhere we go, people keep asking us: Hey, Curmy — what’s the news about Ken Ham’s Ark Bonds?
Most of you already know about the bonds being issued to finance the proposed Ark Encounter project, which will be operated by a company controlled by Answers in Genesis (AIG). AIG is the on-line ministry of Ken Ham (ol’ Hambo), the ayatollah of Appalachia. It also owns and operates the infamous, mind-boggling Creation Museum.
Our last post on this topic was Bloomberg Reports on Ken Ham’s Ark Bonds. But that was a month ago. Today we’ve got some hot news for you.
At the website of Bloomberg Businessweek we found this timely article: Noah’s Ark Muni Deal for Kentucky Theme-Park Project Shrinks 83%. Whoa — that’s big news! Here are some excerpts, with bold font added by us:
An unrated municipal-bond sale for a Kentucky theme park to be built around a full-scale replica of Noah’s Ark shrank to $10.5 million from a planned $62 million.
How could such a thing happen? We’re told:
Michael Zovath, co-founder of Answers in Genesis, referred questions about the bond offer to Dan Blank, a managing director in Cincinnati at Ross Sinclaire & Associates, which served as underwriter on the transaction. Blank didn’t immediately respond to a voice-mail or e-mail seeking comment.
Nobody’s talking? How very odd. Let’s read on:
Proceeds are intended to help build a 510-foot (155.4-meter) wooden ship, the centerpiece of a planned biblical theme park called “Ark Encounter.” The first phase is estimated to cost $73 million, offering documents show. About $14 million had been raised before the bond sale, which was supposed to make up the difference.
There seems to be a gaping hole in the Ark’s financing. No surprise, really — Hambo’s replica was never intended to float, so why should the bond issue have been successfully floated?
The rest of the article is about the grand scope of the proposed Ark Encounter project, and why industrial-development bonds are considered the riskiest municipal debt. Click over there to read it all. Meanwhile, we’ll be watching for ol’ Hambo’s account of these developments. Stay tuned to this blog!
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