GreasieWheels has announced that its financial debt of $35,000 to an anonymous donor was repaid in full by Lisa W Petersen on 1 March 2018. The loan was designated for use in the company's speedy relocation, re-launch, and re-branding to prepare for the 2013 OnTilt Poker Throw Down™ Charity Poker Tournament (PTD™ CPT) hosted by the Golden Nugget Las Vegas Hotel & Casino. No portion of these funds were authorized for monetizing charity poker tournament prize pools or purchasing swag.
The loan made it possible for GreasieWheels to build, coordinate, promote, and host the 2103 PTD™ CPT benefitting the Southern Nevada Bully Breed Rescue and Las Vegas Boxer Rescue. The event, including a charity poker tournament, red carpet walk, and silent auction, was coordinated solely by GreasieWheels. General expenses for two local press releases, one national press release, print and digital media, sponsor branding, photography, trophies, and additional marketing material totaled $7,640. The lender and his party of five incurred a tab of $9,400 in pre-paid air travel and hotel accommodations. Following 90-days of non-payment, all outstanding invoices were paid in full by GreasieWheels.
The 2013 PTD™ CPT, including the charity poker tournament, player rebuys, and silent auction, raised $23,600. All entries and transactions were processed by the Golden Nugget tournament staff and paid directly to Southern Nevada Bully Breed Rescue. The Southern Nevada Bully Breed Rescue conducted the silent auction and collected all proceeds. At no time did GreasieWheels process any funds associated with the 2013 PTD™ CPT or silent auction.
The PTD™ CPT prize pool was assembled using sponsored product totaling $12,200 in retail value. No cash prizes were awarded. In accordance with the loan contract, all funds generated by the tournament portion of the event were donated to the charities, namely the charity coordinator, Char Baroni of the Southern Nevada Bully Breed Rescue. All unused swag and sponsored product were inventoried and either returned to sponsors or donated to the charities.