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 the 19 Dec 2013 Update. At that time the news for ol’ Hambo from Bloomberg was grim. They reported:
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.
Things are still grim, but better than before. At the Bloomberg website we find the following headline: Noah’s Ark Risks Collapse Without Bond Buyers by February. They say, with our bold font:
A Kentucky theme park to be built around a full-scale replica of Noah’s Ark may sink unless investors purchase about $29 million in unrated municipal bonds by Feb. 6. The northern Kentucky city of Williamstown in December issued taxable debt for affiliates of Answers in Genesis, a Christian nonprofit, data compiled by Bloomberg show.
Even though $26.5 million of securities have been sold, the project needs to sell at least $55 million in total to avoid triggering a redemption of all the bonds, Ken Ham, the nonprofit’s president, said in an e-mail to supporters yesterday. Without the proceeds, construction funding will fall short, he said.
Ol’ Hambo’s bond issue is showing signs of life. Instead of only $10.5 million, where things were in mid-December, bond sales have more than doubled since then. But they’re still not half-way to where they need to be. If we’re reading this story correctly, they need to sell another $28.5 million worth of bonds, and it appears that the deadline is 06 Feb. If that goal isn’t met, all the money from bond sales must be refunded. We’re also told:
“We still need those Ark supporters who weren’t able to purchase the Ark bonds at closing to prayerfully consider participating in a secondary bond delivery at the level they had indicated to us,” Ham said. “Will you please step out in faith with us?”
That’s a bit confusing. Was the sale closed? And did it then re-open? Let’s read on:
… Ark Encounter has had no institutional investors buy its bonds, Ham said. “The associated complications and struggles have been beyond our control,” said Ham, who cited impediments such as atheists registering for the offering and disrupting it. “I urge you to please prayerfully consider the options and help us get this bond offering completed.”
Wow — atheists are disrupting the sale of Hambo’s bonds! It’s not made clear exactly how they did that, but ol’ Hambo must know what he’s talking about. The article continues:
Construction is supposed to begin in March, with Ark Encounter slated to open in April 2016.
An ambitious schedule! But will enough bonds be sold by 06 Feb? Here’s one final excerpt:
Dan Blank and Zach Logan at Ross Sinclaire & Associates, the underwriter, didn’t immediately respond to voicemails seeking comment. Joe Boone, vice president of advancement at Answers in Genesis, didn’t return calls to his office and mobile phone.
Nobody took calls from Bloomberg for the last story either. Maybe the atheists are messing up the phone system.
Well, dear reader, that’s the news. Ol’ Hambo needs to haul in another $28.5 million during the next five weeks. It’s a real cliff-hanger. A sinful world awaits the ark. The atheists are laughing. The clock is ticking. Jeepers — this is exciting! Stay tuned to this blog.
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