$10 Million Bond Set for Republic's Gillman

September 11, 2009
Companies

Richard Gillman, one-time CEO of Republic Windows & Doors, was arrested Wednesday and charged yesterday with trying to steal from the company, its creditors and employees, according mulitple news reports, including one from the Associated Press

The Chicago Sun Times reports that Gillman is being held in lieu of $10 million bail, an unusually high bail that his lawyer plans to appeal.  Gillman’s attorney Ed Genson, was enraged by the bail set by Cook County Judge Peggy Chiampas, who was said to have ignored prosecutors’ suggested bail of $500,000.

According to an article in the Chicago Tribune, additional Republic Windows officials are under investigation.  Sally Daly, a spokeswoman for the Cook County state's attorney's office, told the paper that the investigation centers on "moving assets or hijacking assets of the company that legally belonged to its creditors."

Gillman faces charges of being involved in a financial crimes enterprise, related to actions in the closing and bankruptcy filing of Republic and the subsequent acquisition of another factory in Red Oak., Iowa.  Members of the union that attracted national attention with a sit-in at the Republic factory in Chicago charged that equipment and assets were moved from the closed-down Chicago plant to the Echo Windows facility in Iowa.

With the national attention received by Republic last year, the story of Gillman's arrest and the charges he now faces is continuing to receive much coverage both in newspapers and on television.