1. Cancel at the last minute. People drive many miles to play. Advertising your tournament is going to happen, then being told when you get there it's cancelled. Is a bummer but there is good reason why no one shows up.
2. You have 20 minute blind levels for a $240 buy-in. No playability. Generally the cash crowd and tournament crowd is way different bankrolls. So by trying to attract someone who can afford a turbo 240, you're basically appealing to a 2/5 player pool. Last I checked there is no 2/5 player pool here. May want to rethink that strategy and start trying to attract all players.