Ark Encounter, the Creationist theme park that was supposed to break ground in 2011, has hit yet another snafu:
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 email to supporters Thursday. Without the proceeds, construction funding will fall short, he said.
“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?”
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Industrial-development bonds are considered the riskiest municipal debt because they account for the largest proportion of defaults in the $3.7 trillion municipal market. Williamstown issued the bonds without a rating, making the prospect of repayment even less clear.
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The documents cite at least 39 risks to buyers, including that Answers in Genesis has no obligation to back the debt. Bondholders’ sole revenue stream would come from money spent by visitors.
In short, Answers in Genesis wants you to invest millions of dollars in risky bonds for which they will never have to pay you back. It makes so little logical sense that you’d think Creationists would have fallen for it by now.
In the actual email to his supporters, Ham placed the blame not on a lack of investors, but on atheists for creating the lack of investors:
As you have read in some of my prior emails, many challenges and road blocks came up as we worked through the stages of the bond offering and the first closing. From atheists attempting to register for the bond offering and disrupting it, to secular bloggers and reporters writing very misleading and inaccurate articles about the bonds, to brokerage firms saying “yes” but after reading these incorrect reports saying “no” in allowing the Ark bonds into their client accounts — the obstacles were numerous and disruptive. Frankly, it has been an extremely stressful and frustrating time for all of us.
I don’t know how prayer is going to help Ham when random bloggers can create a roadblock large enough to ruin his plans. With that level of confidence, you get the feeling that even if the Ark Park came to fruition, it’d be closed in the event of a drizzle.
It’s a waste of money for the purpose of miseducation and indoctrination. As fun as it is to watch Ken Ham struggle financially, this really shouldn’t even be a topic we’re talking about in the 21st century.
