Skwim
Veteran Member
"A Kentucky theme park to be built around a full-scale replica of Noahs Ark may sink unless investors purchase about $29 million in unrated municipal bonds by Feb. 6.
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 nonprofits president, said in an e-mail to supporters yesterday. Without the proceeds, construction funding will fall short, he said.
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.
Instead, Ark Encounter has had no institutional investors buy its bonds, Ham said.
The associated complications and struggles have been beyond our control, said Ham, who cited impediments such as atheists registering for the offering and disrupting it. I urge you to please prayerfully consider the options and help us get this bond offering completed.
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."
source
:clap       :clap      :clap      :clap      :clap But that's just my opinion    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 nonprofits president, said in an e-mail to supporters yesterday. Without the proceeds, construction funding will fall short, he said.
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.
Instead, Ark Encounter has had no institutional investors buy its bonds, Ham said.
The associated complications and struggles have been beyond our control, said Ham, who cited impediments such as atheists registering for the offering and disrupting it. I urge you to please prayerfully consider the options and help us get this bond offering completed.
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."
source