In small bowl, combine cherries and rum. Let soak 2 hours; drain on paper towels. In medium bowl, combine condensed milk and corn syrup; blend well. Add powdered sugar gradually, stirring until mixture forms a still smooth dough. (if all powdered sugar can't be stirred in, knead mixture and sugar on counter until smooth dough forms). Wrap small amounts of the fondant around each cherry to cover completely. Refrigerate about 20 minutes or until fondant is firm. Line cookie sheet with waxed paper. Prepare dipping chocolate by cooking ingredients over low heat until melted, stirring occasionally. Holding by stem, dip chilled cherries into chocolate, making sure to cover completely. Place on waxed paper-lined cookie sheet; refrigerate until chocolate sets, about 10 minutes. Dip chilled candies into melted chocolate again, making sure to coat completely. Place on lined cookie sheet then cover lightly with waxed paper. Let stand several days in cool place to allow fondant to liquefy. (do not refrigerate). Store in airtight container in refrigerator