Author Topic: Ken Ham selling junk bonds for park  (Read 201 times)

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Offline screwtape

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Ken Ham selling junk bonds for park
« on: February 19, 2014, 09:13:33 AM »
http://motherboard.vice.com/blog/can-creationist-junk-bonds-keep-the-noahs-ark-theme-park-afloat

Quote
Ham’s latest boondoggle—a Biblical theme park featuring a life-size replica of Noah’s Ark called Ark Encounter—could face financial collapse if investors fail to purchase $29 million in unrated municipal bonds before construction is set to begin next month.

...

As of January, though, investors had purchased just $26.5 million, according to Bloomberg. To avoid triggering a redemption of all the bonds, investors needed to purchase about $29 million more by February 6—two days after the Nye debate.


more at the link.
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Offline Mrjason

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Re: Ken Ham selling junk bonds for park
« Reply #1 on: February 19, 2014, 10:31:25 AM »
Is anyone going to want to come to an overpriced petting zoo when they can watch Russell crow wielding a burning sword?

He should have gone for a better theme. Like Asguard-viking land. That is going to be freeking awesome.

Offline screwtape

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Re: Ken Ham selling junk bonds for park
« Reply #2 on: February 19, 2014, 10:42:11 AM »
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.[1][2]  And it is likely he already spent it on his failing "museum".[3]

I don't know what the consequences will be if he cannot come up with the money.  Financial ruin and jail, I hope.
 1. http://www.investopedia.com/terms/r/redemption.asp
 2. http://financial-dictionary.thefreedictionary.com/Redemption
 3. and drugs and prostitutes
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Offline Mrjason

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Re: Ken Ham selling junk bonds for park
« Reply #3 on: February 19, 2014, 11:00:30 AM »
Looks like he's already missed the boat - 
Quote
investors needed to purchase about $29 million more by February 6

I'm not really surprised though as;

Quote
The offering lists 39 potential risks to investors, including the possibility that animals in the petting zoo could contract infectious diseases, potential lawsuits...Ultimately, the park “may never achieve positive cash flow,”

This is hardly the enticement of the decade.

With a bit of luck it will bankrupt his other "investment".