Chocolate Covered Cherries

In bowl combine cherries and rum. Soak 2 hours; drain on paper towels. In medium bowl combine condensed milk and syrup; blend well. Add powdered sugar gradually, stirring until mixture forms a stiff smooth ball. Knead on counter if all powdered sugar cannot be stirred in. Wrap small amount of fondant around each cherry, covering completely. Refrigerate about 20 minutes or until firm. Line cookie sheets with waxed paper. Melt candy coating and paraffin wax in heavy pan over low heat. Holding by stem, dip chilled cherries into candy coating, making sure to cover completely. Place on cookie sheets and refrigerate until coating is set, about 10 minutes. Dip chilled candies into melted candy coating again, covering completely. Place on cookie sheets, covering loosely with waxed paper. Let stand several days in cool place to allow fondant to liquefy. Do not refrigerate. Store in tightly covered container in refrigerator.