This is a rush transcript from "On the Record ," July 30, 2008. This copy may not be in its final form and may be updated.

MEGYN KELLY, FOX NEWS HOST: Well, Drew Peterson lawyers are here to respond to the shocking, most recent allegations about their client. Two close friends say Drew's say they wore wires and secretly taped their private conversations with Drew Peterson.

According to the couple, who went "On the Record" on Monday, Drew makes incriminating statements on the tapes about the disappearance of his fourth wife Stacey and about the murder of his third wife Kathleen Salvio.

Meanwhile, today, Peterson's troubles continue to grow. A judge in Illinois refusing to drop gun charges against the former police sergeant.

Joining us live tonight are Drew Peterson's lawyers, Joel Brodsky and Andrew Abood. Good evening, gentlemen.

JOEL BRODSKY, ATTORNEY FOR DREW PETERSON: Good evening.

ANDREW ABOOD, ATTORNEY FOR DREW PETERSON: Good evening.

KELLY: Joel, let me ask you about this decision today to let the gun charges stand. I guess it is not entirely unexpected. What happens now?

BRODSKY: Unexpected--we were hoping for a complete dismissal. But the judge found--there were three factors which we moved to dismiss, and the judge found two of them in our favor and said that the third one will have to be resolved at a trial. It's a factual issue, and that is where factual issues are resolved, at trial.

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But we prevailed on two of those three prawns(ph) of dismissal, and we're confident-

KELLY: So now you proceed to the evidentiary phase. How much time, Andrew, is Drew Peterson facing on these gun charges?

ABOOD: I think it is a five year felony.

KELLY: Five years in prison if he were to be convicted.

ABOOD: That would be the maximum penalty. It is unlikely that he would see anywhere near that time, given his lack of criminal history.

KELLY: OK.

And, Joel, I want to get you to react tonight, because we had on this couple who we talked about in the introduction, Len Wawczak and Paula Stark, who wore wires, who taped Drew, and they said on this program on Monday that they think they have enough incriminating evidence to put him in prison for the murder of his third wife Kathleen and, they believe, for what they thing is the murder of his fourth wife, Stacey. Your response, Joel?

BRODSKY: I am going to let Andy handle a lot of this, but my initial response is we're not afraid of whatever may be taped. They can play the tapes. The tapes will speak for themselves. But as to these people's credibility, let Andy handle to that.

ABOOD: We have heard those statements, Megyn, and it is clear that not only has he retracted from the statements he is alleged that Drew made, but he is clearly not the material witness he would like to make himself out to become. And we believe, ultimately, he is not a factor in their investigation whatsoever.

KELLY: What do you mean he has retracted his position?

ABOOD: Well, he was on news media sources as early as Monday retracting statements that he attributed to Drew Peterson.

KELLY: Could you be more specific?

ABOOD: The statement where he attributed to Drew that he should have cremated his third wife.

KELLY: Because he was on this program with Paula, and they reiterated that he had made this statement. Paula, in particular, had said that Drew said he should have cremated Kathleen's body, and then he wouldn't have had to deal with--

ABOOD: He never made those statements, and they will never produce a tape that says he made those statements.

KELLY: Joel, let me get you to weigh in on this, because I asked them about your denial that Drew had ever made those statements, and they called you "Jailhouse Joel," and said you have to consider the source. I want to give you the chance to respond.

BRODSKY: I am not going to go down in the gutter with Mr. Wasczak. That is where he belongs, not me.

But, for example, what Andy was saying was that Len had said initially that that was on tape, the statement about cremation, and then later on he said maybe it was not on tape, maybe he said it off of tape.

So he wavers back and forth on issues, and they are just not credible people.

ABOOD: Let me just add, one thing that I could add is that everything that Joel has told the media about this case and about these charges has turned out to be true.

And if you go back to May 23 when we were outside the courthouse, Joel told the press and the media that the record would show that this was a secondary-duty weapon of Drew Peterson. And, despite the fact that the Bolingbrook Police Department was denying that they had any knowledge of it-

KELLY: Understood.

ABOOD: And it all came out to be true.

KELLY: Understood. Joel, Andrew, thanks so much for being here.

ABOOD: Thank you.

BRODSKY: Our pleasure.

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