Gillman's Bond Reduced to $5 Million; Out on BailSeptember 28th, 2009 by DWM Magazine
Former Republic Windows and Doors chief executive officer Richard Gillman is out of jail after his bond was reduced late last week. During a hearing on September 23 in the Illinois Appellate Court, Gillman’s bond was reduced from $10 million to five million, according to Tandra Simonton, deputy communications director for the State’s Attorney’s Office.
Gillman was released on Friday, September 25, after posting 10 percent of the bail ($500,000). The condition of his release includes a requirement that he be placed on electronic monitoring, according to the Cook County Sheriff’s Office.
Gillman was arrested on September 9 based on charges related to the closing of the Chicago-based company and an alleged plot to move equipment from Republic to a facility in Red Oak, Iowa, to start a new window company, Echo Windows. Prosecutors allege that he “formulated and executed a scheme to defraud Republic’s debtors by abandoning Republic’s debt, hijacking its collateralized assets, and transporting them to Red Oak, Iowa, with the intent of using the stolen property to create a successor to Republic.” (CLICK HERE for related story.)
Though several others who were allegedly involved in the scheme are referenced in the court documents filed against Gillman, these have not been named and no other charges have been filed in the case. Two of these are referenced as Individual A, which the court says served as chief operating officer, and Individual B, director of manufacturing. Though the court has not released names for either of these, Republic officials Barry Dubin and Tim Widner are referenced as COO and director of manufacturing, respectively, in various sources, including a business networking site on which they both have profiles, LinkedIn®. Neither Dubin nor Widner could be reached for comment at press time.
In addition, court documents note that Individual B provided his home address as a shipment location for one of the shell corporations Gillman allegedly set up to launch Echo; DWM has located public records linking Widner to this address.