You already know about the unrated municipal 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 report on this was our 14 Jan 2014 Update. We had previously been informed by Bloomberg that:
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.
That’s today, so this is a tough situation for ol’ Hambo. If enough of those bonds aren’t sold by today, then all the money from bonds that actually were sold must be refunded. Bloomberg also quoted Hambo as blaming his problems on the atheists, who were somehow disrupting the bond sale.
We keep looking, but news about this subject has been very scarce. In the world of finance, Hambo’s deal is small change, so it’s understandable that no one in the financial press is paying much attention. What we find most informative, however, is the lack of information coming from ol’ Hambo and his organization. They’re probably legally prevented from saying much during the sales period, but one would think that if he had already met the goal he’d be shouting about it. But so far … nothing.
Just before posting this, we checked again for news about Hambo’s bonds. There isn’t any. As soon as we learn something, we’ll let you know; but for the moment, it looks like Hambo’s Ark is evolving into a shipwreck. Maybe not — we’ve been wrong before. Stay tuned to this blog!
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