The times are indeed rather tough and getting tougher for disgraced former Refco CEO, Phillip Bennett. The former head of the financial house Refco, has been charged with hiding million dollars in debt and continues to watch his former company lead the business sections with ongoing tales of woe.
As mentioned in a previous Podunk, Refco has been a spectacular flame out in the financial world. But as bad as things are for Refco (and its poor shareholders), they aren't much better for Bennett, who faces a 50 million dollar remand bond bill, and apparently can't find anyone to lend him a hand.
Bennett's lawyers appeared in court on Friday to advise the judge in his case, that so far only Bennet's wife has been able to sign on in support of the 50 million dollar bond, Bennett's pleas to five other friends for support, has been met with the stoniest of silences. Which poses a problem for Bennett, as one of the conditions of his bail will be that six people guarantee his bond.
The lawyers return to the courts on November 1st with financial records in tow, hoping to impress upon the judge the severity of Bennett's financial situation and thus reducing the requirement for six guarantors, leaving only Bennett's wife and son liable to carry the can, if he should head for the hills.
As his empire crumbles Bennett has learned a truth in business, "success has many fathers, but failure truly is an orphan!" He can also apparently count his friends on one hand and with fingers to spare!
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