Denehy, Lakian's press secretary, says the candidate grew from the experience.
"Whoever's fault it may have been, John [Lakian] takes full responsibility," Denehy says. "You make mistakes--those who become better people for it are the ones who survive and prosper."
Both millionaires plan to draw heavily on their own resources in the campaign. They'll need to; Kennedy has reportedly amassed a campaign war chest of more then $2.8 million.
Both Lakian and Romney say they are committed to a policy of fiscal conservatism--reducing government spending and the federal debt.
"Kennedy represents out-of-control spending," Romney says. "He refuses to be bound to spend only what we earn."
Lakian says now is the time to enact a balanced budget amendment.
"If Congress evaded it, we won't be any worse off than we are now," Lakian says. "If it works, it will force Congress to deal with hard questions it should have dealt with long ago."
On one of the year's hottest issues, both candidates insist they will be tough on crime.
Romney, who emphasizes the need for "a tougher approach to criminal justice," supports gun control but says gun control alone will not curtail criminal activity.
And Lakian says the "three strikes and you're out" proposal advocated by President Clinton does not go far enough. Instead, Lakian supports life sentences for criminals after just two convictions for certain violent offenses.
The two Republicans differ on health care another key issue. Romney says he supports reforming health care to provide universal coverage but would like to achieve this without a large government bureaucracy.
Lakian, on the other hand, says only limited changes to current health insurance programs are necessary.
"The simple fact," Lakian says, "is that we can provide portability of benefits form job to job and coverage for preexisting conditions at a fraction of the cost and with virtually none of the bureaucracy proposed by Ted Kennedy and Bill Clinton."
In the foreign policy arena, Romney opposes sending American troops abroad on peacekeeping missions, while Lakian advocates this, so long as American soldiers serve under American commanders.
"The tragedy of Somalia could have been averted that way" Lakian says.
Romney does not consider himself "pro-choice" but says he supports Roe v. Wade, the landmark 1973 Supreme Court decision which guaranteed a woman's right to an abortion. Lakian has said he supports abortion rights.
Despite the candidates' differences, Romney's press secretary Ann Murphy says the differences between Lakian and Romney should not be the focus of the campaign. Instead, she says, the Republican Party should come together and present a strong alternative to Kennedy.
"The Republicans will serve themselves best if they go after Ted Kennedy," Murphy says. "It's a long race but a short race."
Perhaps the biggest surprise at the party convention last month was the Republicans' rejection of candidate Janet Jeghelian.
A former radio talk show host, Jeghelian had strong name recognition entering the convention but apparently failed to impress the delegates with her self-described "moderate conservative" views.