Republican Jim Coburn kicked off his bid to unseat Governor John Lynch Wednesday. The former high-tech entrepreneur is relatively new to politics, and an early campaign move seems to highlight as much
Windham State Rep. Jim Coburn's first official step towards a run for Governor was the launch of the Friends of Jim Coburn political action committee…….Coburn did that in January……The man he tapped to be the committee's treasurer was a longtime business associate -- Hudson accountant Glenn DiBenedetto.
"I've know Glenn DiBenedetto for 12 years and he has a good reputation in his accounting firm in Hudson, NH…. He was the accountant for our company, and he served us well -- he's an honest man"
During some of that same 12 year period…….Glenn DiBenedetto also worked for Presstek -- a Deleware based printing press technology manufacturer headquartered in Hudson…….From 1990 to at least 1998 DiBenedetto was Chief Financial Officer for the publicly-traded company….In 1996 and 1997 shareholders filed seven federal class action lawsuits alleging Presstek officers and directors, including DiBenedetto, issued false and misleading reports, misstated earnings, and failed to correct analyst reports concerning Presstek that contained inflated financial projections……Those seven suits were merged……and ultimately settled in 2000, when Presstek agreed to pay out 22 million dollars to shareholders…….When the settlement was announced, Presstek admitted no wrongdoing, and said those named in the suit had what the company termed "meritorious defenses"…… Presstek's then CEO Robert Hallman described the payout as being in the company's best interest……When asked about the Presstek settlement yesterday, Jim Coburn said it was news to him, and that he neither knew of Dibenedetto's role at Presstek, nor that his treasurer was ever named in any lawsuit…..let alone one that settled for 22 million dollars.
"No, I wasn't aware of it at all."
Coburn for Governor Spokesperson Alicia Preston, meanwhile, insists that despite the hefty settlement ..there's little of note in the lawsuit, and even less to Glenn DeBenedetto's involvement.
"When people sue companies they name who
ever they can. The company did what they did, but this guy wasn't involved in whatever that wrongdoing was."
State Republican Committee Chairman Wayne Semprini, for his part, says he doesn't feel entirely confortable weighing in on a matter that's Jim Coburn's to sort out……But Semprini did offer the man who's currently the GOP's sole hope for reclaiming the corner office one bit of advice.
"I know that Jim would want to make sure that he avoids anything that would give any impression that there are any improprieties out there."
Glenn Debenedetto did not respond to several requests for an interview for this story……But with tax day approaching, it’s without doubt a busy time for any accountant……..Jim Coburn says DiBenedetto conveyed as much the last time they talked.
I spoke to him last week he said it's a crazy time of year for him."
State Political Action Committees, including the Friends of Jim Coburn will make their first filings with the Secretary of State's office in June.
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