Continued Financial Trouble for KY Creation Museum?
Posted by mattusmaximus on November 25, 2013
Ken Ham’s Creation Museum is back in the news, and – surprise – it has to do with a questionable funding proposal to finance his floundering theme park, where people can pay to be told that the Flintstones is the real thing.
Yup, they actually teach that humans and dinosaurs coexisted… just like in the Flintstones cartoon. Looks like a good investment to me – Yabba-dabba-doo! (Image source)
I’ve posted before (here and here) about the troubles the Creation Museum has had in securing funding for its Ark Encounter attraction (not to mention its dwindling profits – or should that be “prophets”?), and the following article indicates that Ken Ham is pursuing a constitutionally questionable strategy which could land him and the municipality in question into some dicey legal waters…
A city in Kentucky is working with Crosswater Canyon, an owned subsidiary of Answers in Genesis, Inc., to offer $62 million in securities for prospective investors to help aid the completion of a Creationist theme park and replica of Noah’s Ark. While the city of Williamstown is issuing the bond, Crosswalk Canyon is solely responsible for the bonds, not the city.
Beginning next month, Williamstown may oversee the amount of taxable securities for investors to the project overseen by Answers in Genesis, reported Brian Chappatta and Priya Anand of Business Week.
“Proceeds will help build a 510-foot (155.4-meter) wooden ship, the centerpiece of a planned biblical theme park called ‘Ark Encounter.’ Bond documents project the venue will attract at least 1.2 million people in its first year,” wrote Chappatta and Anand. …
But if things are going so well for Ken Ham and his cartoon attraction, then why the need for these so-called “securities” to fund the project? Let’s read on…
… Unlike the Creation Museum, the Ark Encounter project has had its share of financial issues regarding funding and donations.
The official ground-breaking for the project has been delayed multiple times since 2011, with private donations not matching the necessary monetary benchmarks.
Mike Zovath, head of the Ark Encounter project, told The Christian Post about the current status of the park’s construction, namely that it is “under design.” …
Wow, that’s got to make potential investors nervous. So what’s the big deal about going through these “securities” issued by the town of Williamstown, KY?…
… Answers in Genesis’ efforts in Kentucky have garnered their share of criticism, including from the Washington, D.C.-based group Americans United for Separation of Church and State.
In the past Americans United has criticized the alleged First Amendment issues with regards to the state support for projects that benefit the Creation Museum and the Ark Encounter.
Alex Luchenitser, associate legal director at Americans United, told The Christian Post that the bond offering is one of many examples of government aid proposed for the Ark Encounter project.
“The imminent bond offering is only one of several different kinds of aid being given to the Ark Park by the State of Kentucky, Grant County, and the City of Williamstown,” said Luchenitser.
“The array of government aid to the Ark Park raises very serious issues under the religion clauses of the U.S. Constitution and the even stricter church-state prohibitions of the Kentucky Constitution.” …
Well, there’s that! And then there are other questions regarding the legality/wisdom of these securities from the standpoint of the Securities and Exchange Commission (SEC). But don’t take it from me; take it from from people who actually know business and investment, like the folks at Bloomberg Businessweek. Here’s an excerpt from an excellent blog post on this particular point:
This is about an article at the website of Bloomberg Businessweek. Business Week was formerly an independent magazine, now it’s part of the Bloomberg international news agency, headquartered in New York. Their article is Noah’s Ark Depends on Faith in Default-Plagued Debt: Muni Credit.
From our recent post, Ken Ham’s “Ark Encounter” Bonds, you already know about the bonds being issued to finance the proposed Ark Encounter project, which is owned by a company controlled by Answers in Genesis (AIG). AIG is the on-line ministry of Ken Ham (ol’ Hambo), the ayatollah of Appalachia. It also owns and operates the infamous, mind-boggling Creation Museum.
It appears that Bloomberg has seen all the documents, and they routinely report on the bond market. Their analysis is far more sophisticated than ours. They say, with bold font added by us:
“Given the default history of unrated municipal debt, investors may have to pray for the success of bonds being sold to build a full-scale replica of Noah’s Ark.
The northern Kentucky city of Williamstown plans to offer $62 million of securities next month for affiliates of Answers in Genesis, a Christian nonprofit that operates the Creation Museum upstate. Proceeds will help build a 510-foot (155.4-meter) wooden ship, the centerpiece of a planned biblical theme park called “Ark Encounter.” Bond documents project the venue will attract at least 1.2 million people in its first year.” …
Ouch… but what the heck does Bloomberg Businessweek know? Sure they may have oodles of financial and investment expertise, but if creationists have shown us anything it’s that they don’t need no stinkin’ experts who spout off about pesky things like evidence and facts!
So head on over and buy some of Ken Ham’s bonds. You just have to have faith that you won’t be flushing your money down the toilet