Ken Ham’s Ark Bonds — 11 Feb 2014 Update

Noah's Ark (by Edward Hicks, 1846)

Noah’s Ark (by Edward Hicks, 1846)

It’s been five long days since we posted Ken Ham’s Ark Bonds — Deadline Today. That was 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. AIG also owns and operates the infamous, mind-boggling Creation Museum.

According to reliable information (from Bloomberg), 06 February was the deadline for the bond offering, and if about $29 million worth of bonds weren’t sold by then, all the money from bonds that actually were sold must be refunded. Or, as apparently happened when an earlier deadline came and went, it’s conceivable that the sale period might have been extended yet again — although we don’t know the legalities or likelihood of such a maneuver.

Anyway, we have continued to search for news. As we noted before, Hambo’s deal is small change in the world of finance, so it’s understandable that no one in the financial press is paying much attention. Nevertheless, although the gang at AIG were probably under a legal requirement not to discuss the bond sale during the underwriting period (sales talk about a new issue needs to be accompanied by a prospectus), now that the deadline has passed, surely Hambo’s outfit would be shouting about their success — if there were any success. But they continue to be silent.

That pretty much tells us what we need to know, which is that either: (1) the bond issue was a catastrophe; or (2) somehow the sales period has been extended yet again, and Hambo continues to be silent because that’s a legal necessity. It’s gotta be one or the other.

To illustrate our diligence in searching for news, we not only search on Hambo’s name, and the full name of AIG, and “Ark Encounter,” and even “Noah’s Ark,” but we also search on “Crosswater Canyon” (the AIG-owned company that is actually borrowing the money), and “City of Williamstown” (the Kentucky municipality that is fronting for the bond issue, but which has no financial responsibility for paying interest or principal), and also “Ross Sinclaire & Associates” — the underwriters of the bond issue. We get no hits from a news search on any of those.

But we went even further. This is the website of the underwriters: Ross, Sinclaire & Associates, LLC. We can’t find Hambo’s bond issue listed on their Bond Calender, which suggests to us that the deal is dead. We don’t know that it’s dead, of course, but that’s how it looks to us.

Nevertheless, ol’ Hambo is a resourceful fellow, and the Ark may not yet be sunk. We’ll keep looking for news, so stay tuned to this blog!

Copyright © 2014. The Sensuous Curmudgeon. All rights reserved.

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31 responses to “Ken Ham’s Ark Bonds — 11 Feb 2014 Update

  1. I called the underwriters, and left a message for one of the two bankers who were handling the issue. (His name is Zack, who was on the phone when I called; Dan was out of the office.) I’ll let you know if I get a call back.

    PS to Curmy: You have a double negative in the sentence above, making the meaning unclear:
    ” We can’t find Hambo’s bond issue isn’t listed on their Bond Calender, which suggests to us that the deal is dead.”

  2. retiredsciguy says: “PS to Curmy: You have a double negative in the sentence above”

    Aaaargh!! It’s fixed. Thanks. Keep us advised if you learn anything.

  3. Pope Retiredsciguy reports

    I called the underwriters

    Excellent! I, too, eagerly await news.

    And if it’s good news, who gets the delightful task of calling the undertakers?

  4. Charles Deetz ;)

    Isn’t the SC making a simple, ‘if not A, then B’ choice while disregarding the other possibilities? God could have finally told Ham where a forest is with all the gopher wood he needs to build the ark without having to sell bonds. Ham could have figured out that the whole ark story was a parable and he didn’t really need to build boat. The possibilities are endless. Or maybe the deal is dead after all.

  5. Got a call back (will wonders never cease!) — “If a would-be purchaser can wire funds, we have some leeway with the deadline”, or words to that effect. Whatever that means. At any rate, according to Zack, the bonds are still available. He was more than eager to sell.

  6. Pope Retiredsciguy reports that Zack the Ark Bonds salesman:

    was more than eager to sell.

    But did he specify, to sell what?

    He could have been talking about his own mother, or his soul, or Brooklyn Bridge, or…

  7. retiredsciguy was told: “If a would-be purchaser can wire funds, we have some leeway with the deadline”

    So the deal isn’t dead. Apparently it’s not extended — not officially — but it’s not yet over. Thus Hambo’s continued silence. The suspense continues.

  8. Zack sounds like an auctioneer holding his gavel up, calling and calling for a last bid before he declares it sold.

    A few people need to call and inquire about when they are going to receive their refund.

  9. I just found this hot news item:

    MORTICIAN: Bring out your dead!
    [clang]
    Bring out your dead!
    [clang]
    Bring out your dead!
    [clang]

    CUSTOMER: Here’s one – a dead park funding bond issue. They have to give $45 million back to the investors now.
    KEN HAM: It’s not dead!
    MORTICIAN: What?
    CUSTOMER: Nothing — here’s your nine pence.
    KEN HAM: It’s not dead!
    MORTICIAN: Here — he says it’s not dead!
    CUSTOMER: Yes, it is.
    KEN HAM: It’s not!
    MORTICIAN: We don’t know for sure yet.
    CUSTOMER: Well, it will be soon, it doesn’t have enough backers.
    KEN HAM: It’s getting better!
    CUSTOMER: No, it’s not – it will be stone dead in a moment.
    MORTICIAN: Oh, I can’t take it like that — it’s against regulations.
    KEN HAM: I don’t want to go in the dust-bin of history!
    CUSTOMER: Oh, don’t be such a baby.
    MORTICIAN: I can’t take it…
    KEN HAM: It’s going to be fine!
    CUSTOMER: Oh, do us a favor…
    MORTICIAN: I can’t.
    CUSTOMER: Well, can you hang around a couple of minutes? It won’t be long.
    MORTICIAN: Naaah, I got to go on to Hovind’s — they’ve lost nine today.
    CUSTOMER: Well, when is your next round?
    MORTICIAN: Thursday.
    KEN HAM: I think we just need more time.
    CUSTOMER: You’re not fooling anyone y’know. Look, isn’t there something you can do?
    KEN HAM: I feel happy… I feel happy.
    [whop]
    CUSTOMER: Ah, thanks very much.
    MORTICIAN: Not at all. See you on Thursday.
    CUSTOMER: Right.
    [clop clop]
    MORTICIAN: Who’s that then?
    CUSTOMER: I don’t know.
    MORTICIAN: Must be a Curmudgeonite.
    CUSTOMER: Why?
    MORTICIAN: He hasn’t got sh*t all over him.

  10. TA — you had me at “I’ll get the cart.”

    Now, somewhat off-topic, but not too far —
    Megalonyx, we see you are having huge flooding issues in the London area. Have you seen a bearded Australian/Kentuckian searching the forests for gopherwood?

    Seriously though, we hope the flooding issues aren’t affecting you personally.

  11. When I-75 is clogged with pairs of animals making the long trek south from Cincinnati/Northern Kentucky International Airport, it’ll be too late to repent. Blasphemers.

  12. Pope Retiredsciguy kindly thinks of us, the flood victims of Britannia, and asks

    Have you seen a bearded Australian/Kentuckian searching the forests for gopherwood?

    Flooding is not just the Thames Valley, but most of UK, especially the West Country (some rail lines to Cornwall washed away, will be many weeks before repaired).

    So I am looking for my own gopherwood and cubit-calibrated tape measure…

  13. Gee, Megs, perhaps you better invest in some Ark bonds. Call 800-543-1831. Ask for Zack. (Oh wait. That’s a US only number. Go to website of Ross, Sinclaire & Associates, LLC that our Curmudgeon has linked above. I’m sure they will accept your wire of pounds sterling.)

  14. Curmudgeon: “So the deal isn’t dead. Apparently it’s not extended — not officially — but it’s not yet over. Thus Hambo’s continued silence. The suspense continues.” .

    I kind of figured it would be like this, The deep pockets might be reluctant to pay for it, but there are too many interests in the US that need to keep the American people ignorant, stupid drones to let this just die quietly. Not sure what will happen next, but somebody on a lofty perch will try to think of something.

  15. Stephen Kennedy

    Hambo will never announce that the deal is dead. However, if the deal was still alive we would be about 20 days away from the official start of construction according to the original bond offering documents. If groundbreaking is really that imminent we would be hearing a lot of hype about it from AIG.

    The last time AIG said anything about the start of construction was in December when they exhorted their followers to donate so that construction could begin sometime in 2014.

    There has been nothing on their site about arc encounter construction since February 6. In fact, since that day their website has been kind of erratic. Previously, when I looked at the AIG website at 9:00 AM California time they always had their posts for the day up. Since Thursday posts are never up until afternoon Pacific time and on two days, Sunday and today there has been no update at all. It is no secret that AIG spends a lot of money on their website but something has changed in the last six days.

  16. See pages 6 and 7 of this http://highyieldmunicipals.files.wordpress.com/2013/10/williamstown-ky-ark-encounter-pos.pdf

    I can’t remember where I found it, but I also came across something that said there was a second closing date of 14 February for purchase of the bonds. The current state of donations stands at $14,361,921

    Of course, Mr Lie is under no legal requirement to make public what is going on, and there is no real indication that the bonds haven’t been snapped up. But in this case, I think his silence says more than his words.

  17. This could be a “no news = good news” situation, though probably not from Ham’s perspective. In fact, I kind of hope that sooner or later the Ark Park will be built — after all, it would be slightly cool. Many people seeing the monstrous wooden construct might well conclude that such a thing could NEVER stay afloat for a full year, which is not the effect Ham was aiming for.

    But we can do without the rest of the planned “park”, with the Tower of Babel and the Plagues of Egypt. Why not build a replica of the Temple of Solomon instead? Unlike the Ark, the temple is described in considerable detail in the Bible, and it has the added advantage that it almost certainly really did exist and so would have real educational value. It was of relatively modest size and might well be cheaper to build than the Ark, of course assuming that one did not use _real_ gold to cover the interior walls.

  18. H.K.Fauskanger suggests

    Why not build a replica of the Temple of Solomon instead?

    I think a replica of Sodom and Gommorah would be far more lucrative theme park. Basically, Las Vegas in a Biblical setting.

  19. Yes, from a commercial point of view, Sodom and Gomorrah would be the obvious choice. “SIN NOW; tomorrow the burning sulphur will be raining and you won’t have a second chance!”

    Incidentally, the projected Ark Park is to include an antediluvian city which is apparently intended to illustrate the wicked ways of the people then living. Essentially a small-scale S&G, then. You see, Megalonyx, Ham is far ahead of us.

  20. Thanks, Dave Godfrey. Very interesting. Especially where it says this:

    Second round of funding: Tuesday, February 14th, 2014

    In my universe, the 14th is on Friday, so I guess those bonds really weren’t meant for me.

  21. Looking at it again, I think this may be something unrelated.

  22. Back in the day, Newport, Ky. was northern Kentucky’s Sodom & Gomorrah. Directly across the Ohio from downtown Cincinnati, it’s cleaned up its act since days past, when the mob had a wide-open operation going there.

    Ham could just build a re-creation (no pun intended) of Newport for his S&G, and make some extra revenue in the process. Gambling, prostitutes, drugs — “Hey, we’re just trying to make it authentic, so a visit to the Ark Encounter is a faith-affirming experience!”, Ham would say.

    The old-timers would wax nostalgic.

  23. With any luck this ark park nonsense will shrivel up and blow away.May the pointing and laughing be enjoyed by all.

    At least there appears to be a new movie coming out the religious can masturbate to. Some idiot apparently thought the ark myth needed to go big screen, Russell Crowed even. Gee…I can hardly wait. SMH.

  24. Someone must have forgotten to flip the page on their calender because January 14 is on a Tuesday.

  25. Yes, and February 14 is on Friday — day after tomorrow.

  26. No to make lumber from a fallen tree but… I’ve noticed that they’ve recently disabled the comments on the Ark Encounter blog page.

  27. Hambo should have taken advantage of the buzz of the Russell Crowe Noah film buzz to promote his bonds. I guess they’ll just keep on rolling it over.

  28. Thank you, CptnMatruz, that is welcome news.

  29. Rather telling, don’t you think, that Mr Lie is still obsessing about that debate? It’s as if by going on and on about it, people will overlook the fact that his ridiculous ark project is heading slowly nowhere.