One of this season’s plotlines revolves around the town of Sandicot, New York, one of those sad Upstate towns in the Land That Time Forgot. Axe meets the county chief executive, buys the town’s distressed muni bonds “for pennies on the dollar,” buys land, and awaits the award of a gaming license and casino. He is assured Sandicot will be the winner. Except that it’s not, and Axe is left with $400 million in bonds on the brink of default and the loss of $100 million in fresh capital he put up.

https://www.bloomberg.com/news/articles/2017-05-02/here-s-what-billions-gets-wrong-about-the-municipal-bond-market