From: Dan Gibbons Turkey Trot Foundation [Café Liberty]
Re: Freedom and Dignity Festival
- Café Liberty, a culinary program for veterans and their families, a program of the Dan Gibbons Turkey Trot Foundation [DGTT], was to be the beneficiary of a country music festival on August 10, 2019, Schaumburg Boomers Stadium. We were approached by Imagn Events, the promoter, and engaged in a contract with them. We lent our name and brand to the event and trademarked the event the “Freedom and Dignity Festival”.
- Imagn Events represented to us that they had the experience to stage such an event and that it would be a turn-key operation meaning Imagn Events was fully responsible for all facets of the event including all financial obligations. We trusted their assurances that they could deliver a successful event.
- Imagn Events required a loan from us for $248,750.00, documented by a written note that was due to be paid back by August 1, 2019. They defaulted on the note.
- DGTT Foundation wired $248,750 to Madison Entertainment in Nashville on March 1, 2019 as an initial payment to secure the artists that would be performing at the music venue with Toby Keith as the headliner.
- After reviewing their marketing plan and budget, online ticket sales opened on April 19, 2019.
- Periodic conference calls assured us that everything was going according to plan. We trusted their assurances, as this was the first event of its kind for our foundation.
- When we questioned the progress of ticket sales, on numerous occasions during our weekly conference calls, we were told that they we were on pace for an event like this.
- The Foundation was able to secure two suite sponsors. One suite for $15,000 and one for $50,000, $65,000 total suite income. We, per Imagn Events’ request, remitted those funds to them to cover ongoing expenses.
- On a conference call five days before the event, Imagn told us we needed to give them another $406,250 in order to move forward with the event or the event would have to be cancelled. This was not part of our original contract, nor was the Foundation in a financial position to agree to their ultimatum of $406,250.
- When we looked at the spreadsheet and the numbers provided by Imagn Events and what would be needed to move forward with the Freedom and Dignity Festival, the DGTT Foundation determined that Imagn Events was not in a position to stage the concert. On August 6th we advised Imagn Events that we would not meet their new demands for additional funds and we terminated the agreement.
- From that point on, the Foundation and the Schaumburg Boomers explored every avenue possible to make the event come off as planned in an effort to satisfy all the ticket holders and participants who were looking forward to a great day. After exhausting all possibilities, the Foundation and the Boomers determined that it was not financially feasible.
- On August 7th, when Imagn shut down ticket sales, the total on the EventSprout dashboard was $287, 222.80. In addition there were tickets sold on Groupon. Numbers unknown and unaccounted for. We sincerely hope that all ticket holders are refunded but that is out of our control.
- All ticket revenue and funds that the Foundation remitted to Imagn Events have yet to be accounted for by them.
- At present the Foundation’s financial outlay and potential losses are in excess of $340,000. Not exactly the turn-key operation we were expecting.
There are unaccounted for funds still under the control of Imagn Events.
