Durham's ex-wife explains bonding out Tim

INDIANAPOLIS (WISH) - The ex-wife of troubled Indiana businessman Tim Durham spoke out Tuesday after she and her father guaranteed the $1 million to bond Durham out of federal detention.

While the family didn’t actually pay $1 million, Joan and Beurt SerVaas signed a form saying they’re good for the money, in order for Durham to be released.

Below is the statement from Joan SerVaas:

First and foremost, I want to say how sorry my father and I are for those who have lost their savings, investments and jobs as a result of the failure of Fair Finance.

Tim and I have long been divorced, but as the father of our twenty- year-old son, he will always be part of our family. My father and I have not paid one million dollars for bail. We signed a surety bond for that amount as part of an agreement between Tim and the U.S. District Attorney's office.

As I understand it, the purpose of bail is to assure Tim's attendance in court. We agreed to these terms because we are confident that Tim will continue to cooperate with the federal authorities and abide by the conditions of his release from detention.