This is the key: " To avoid triggering a redemption of all the bonds," If I read that correctly, Ham already snookered $26.5 million out of suckers. But, he will have to pay it back if he cannot raise another $29million.
And it is likely he already spent it on his failing "museum".
I don't know what the consequences will be if he cannot come up with the money. Financial ruin and jail, I hope.