Once, they climbed the glaciers in Patagonia. Pai left Enron abruptly, and he has since vanished into oblivion. He was CEO of Enron Energy Services [5] from March 1997 until January 2001 and CEO of Enron Xcelerator, a venture capital division of Enron, from February 2001 until June 2001. Melanie fewell lou pai Sneha Girap (Editor)I Love to read n write about Things that I find Interesting Covid-19Lou Lung Pai (Chinese: ; pinyin: Bi Lulng) born in Nanjing, China in 1947, is a Chinese-American businessman and former Enron executive. Lou Pai's Wife Forced Him to Sell His $270M Enron Stake 6 Months Before Ponzi Scheme Went BankruptVideo Host: Michael SikandFollow Michael TikTok - http. Lou Pai was a recluse. "And it was fun because it took about two minutes to do a deal.". And not a few hundred dollars, not a few thousand, not a few million, but HUNDREDS of MILLIONS of dollars??? He joined Enron in 1987 and quickly climbed the ranks. The one he's keeping? Background. Melanie Fewell, Lou Pai's wife and a former stripper, is well-known for having wed the former Enron executive Lou Pai. Delainey recalled objecting to a plan to hide hundreds of millions of dollars in losses, at a meeting of executives. Pai worked for the federal government in the 1970s before joining Enron. The Lays -- who have long been involved in some of Houston's biggest charities -- haven't been seen out much lately. Video Lou Pai. The only other person who can probably relate is Mikhail Prokhorov, the Russian billionaire and Brooklyn Nets owner who pretty much owes his entire $10 billion dollar fortune to a private jet full of prostitutes. Answered all inbound calls for the dealership. A house so close to the Lays' luxe apartment building that the shadow practically falls across Kopper's lawn. Morningstar: 2018 As long as they stay in the shadows they are. Sherron Watkins, the whistleblower who started it all. Despite a reputation for being extremely introverted, taciturn, and reclusive around the office, Pai also came to symbolize the legendary lavishness and excesses of Enron's corporate culture. No title providedAndrew Fastow is escorted by U.S. Formed in 1985, Enron rose to prominence throughout the 1990sas an energy supplier and trading powerhouse with far-flung holdings including natural gas pipelines and utilities. "If I met with investors, if I came to Boston, I'd have to lie too much," Whalley responded, according to Fastow. As the attorney for one former Enron executive put it: "He ain't getting within a thousand miles of the courtroom.". If ever there were a juicy government target, Lou Lung Pai would seem to be it. Does Internet Increase, Decrease, or Supplement SocialCapital? Privacy Policy. He appears to be quite tall in stature if his photos, relative to his surroundings, are anything to go by. Glisan said Whalley knew it was wrong to be using reserves as an earnings-management cookie jar. This includes his assets, money, and income. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. The pair is now raising thoroughbreds in Houston and is regarded Read More He was notorious for his. The traders idolized Whalley. In order to pay the costly financial terms of his divorce settlement, Lou Pai was forced to cash out 100% of his Enron stock. Between 1997 and 2001, EES blew through $500 million in operating expenses without ever generating any significant revenues. Not only that, around this same time Enron had just about reached their limit of Lou's strip club expenses and the secret disaster that EES had become. In a move that the SEC questioned as actually a result of insider information, Pai netted himself somewhere around 300 million dollars. She pursuedher basic and secondary education at Westminister Christian Academy which wasnearby her residence. On December 2, 2001, Enron filed for bankruptcy. [2] But it sure isn't fraud," says Jeffrey. 5005 South Tamiami Trail Sarsasota FL 34231. In some Houston circles, the room is referred to, simply, as the Lip Room. Photographer: David McNew/Getty Images North America, (Photographer: David McNew/Getty /David McNew), Joe Bidens Immigration Reforms Deserve a Chance to Work, US Teens Feel Down, But the Adults Arent All Right Either, Donald Trumps Border Wall Settles Into a Strange, Costly Afterlife, North Americas Three Amigos Are Off-Key, A Masayoshi Son Buyout of SoftBank Would Look More Like Elon Musk Than Michael Dell. He was close to Skilling, he ran the controversial Enron Energy Services division, and he netted a mind-blowing fortune from Enron stock. Pai ran Enrons retail energy unit, arriving at the company after stints at ConocoPhillips and DuPont. After serving as the FBIs general counsel under director Robert Muellerand then chief of the Justice Departments Criminal division, he became a lead prosecutor forSpecial Counsel Muellers investigation of Russian interference in the 2016 election. "I'll cover it off with the reserves." Together, with their newborn child, the couple moved to Colorado where Lou became the second largest land. Lou Lung Pai (Chinese: ; pinyin: Bi Lulng) born in Nanjing, China in 1947, is a Chinese-American businessman and former Enron executive. At this point, Enron's top executives like Ken Lay and Jeff Skilling were quietly unloading massive amounts of their personal shares while simultaneously telling their own employees and outside investors that this was a GREAT time to buy more stock because Enron was sure to rebound imminently. Shareholding and Reporting Structures Pai joined Enron in 1987, when it was just a regional energy supplier. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. Secret Masonic-like super hero ninjas who will slip into his evil world and finish hi moogooguypan. Davis Stumps Across CalfiorniaGray Davis speaks at an anti-recall rally in San Jose, California, in 2003. These days, though, Walker isn't sure where all of the art is, or how it's being handled. All Rights Reserved.Terms A WarnerMedia Company. Where is Rebecca Mark, the hard-charging glamour girl who planted troubled Enron energy and water projects around the globe? Lou is 74 years old as of 2021, he was born in1947, in Nanjing, China. It's safe to assume Whalley has made millions too. He also testified that in October 2001 he and Whalley were having a drink when the topic of the buried losses came up. The goal of EES was to sell gas and electricity directly to personal homes and businesses a market prices. He didn't admit wrongdoing, and he wasn't charged criminally. Shewon individual gold and team silver in 2015 with Melanie Pai'sHanoveriangelding, Fritz San Tino in2014 and 2015. His wife, upon finding out about it, filed for divorce. (Creative Commons and flickr.com/people/eflon//Eflon). Lou Pai: The Only Guy Whos Ever Been Lucky to Get Divorced, the only guy whos ever been lucky to get divorced.. She also was granted the right to the couple's Houston mansion, a Houston condo and a $3 million house in Hawaii. Copyright 2023 DotComStories | Powered by Astra WordPress Theme, https://dotcomstories.com/author/divesh-solanki/. Melaniehadstruggled a lot as her son Kyle began the fight of his life when he was diagnosed with Acute Lymphocytic Leukemia (ALL) but after struggling for several years the child survived. Most stock quote data provided by BATS. Billing reconciliation. Will the law of limited variety stand the test of time and changingenvironments? (, NBA confirms L.A. Clippers sale to ex-Microsoft CEO Steve Ballmer, FBI and SEC probe into Carl Icahn and golfer Phil Mickelson, Skilling sentence likely to be a long one, JPMorgan dramatically slashes Tesla's stock price forecast, Greece is finally done with its epic bailout binge, Europe is preparing another crackdown on Big Tech, SoftBank and Toyota want driverless cars to change the world, Barnes & Noble stock soars 20% as it explores a sale, Why it's time for investors to go on the defense. She and her husband have operated Canaan Ranch together and used to train and raise dressage horses. Another, named Pay N Go, had previously been summoned by Paul McCartney to perform at his wife's funeral in New York. Melanie Pai was born in 1963 in Houston, Texas, United America. Lou is alive and in good health. Photographer: F. Carter Smith/Bloomberg, Andrew Fastow is escorted by U.S. He didnt admit wrongdoing, and he wasnt charged criminally. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Meanwhile, McMahon has gone about his life, landing in 2004 as president of a Houston company called Zilkha Biomass Energy, a renewable-energy outfit. "Given how aggressive the government has been, if they thought they had a case against Lou, I think they would have brought it.". iGas Mandate; Vision and Mission; Company Structure. There was no cap to the bonuses, which could get as high as $1 million. Accounts of the Enron scandal have frequently portrayed him as a mysterious figure; a former Enron employee, interviewed in the 2005 do*entary film Enron: The Smartest Guys in the Room, referred to Pai as "the invisible CEO". He died of a heart attack on July 5, 2006, before his sentencing. A former Army tank commander, he joined Enron in the early 1990s and soon became a trading-floor star, eventually running the whole trading operation. Mar 28, 2009 Update on Xobni, Lou Pai (updated!) Lou Pai might be the only person in history who actually managed to make $280 million by having an affair with a stripper, getting her pregnant and then losing both his marriage and his extremely high paying corporate job. Prior to the companys demise, Pai cashed out $270 million in stock, divorced his wife, and wed an exotic dancer. She has a son namedKyle and a daughter named Natalie Pai. When you put it all together, Lou Pai is one of the luckiest people on the planet. On the other hand, can you imagine a bizarro-world reality where instead of taking money from you, a stripper actually ended up saving you a bunch of money? Actually, Lou Pai's penchant for strip clubs wasn't a reputation, it was a legend. For instance, both Fastow and former Enron treasurer Ben Glisan testified that at a meeting of Enron's top executives in early September 2001, the company was coming roughly $500 million short of an earnings target. "The worst people could say of him. 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Your email address will not be published. Jan 2008 - Jun 20124 years 6 months. Pai has kept a low profile ever since leaving Enron. And in Aspen, Colo., two of the four properties once owned by former Enron chairman Ken Lay are under contract -- one a "cottage" that sold for $10 million, which works out to an Aspen real estate record $3,330 per square foot. Think of it like this: Right now the amount you pay for gas or electricity is a fairly fixed rate that is set by a utility company that is probably a pseudo-government entity. Pai left his wife to marry an ex-topless dancer, and his lawyer argued the stock sales were tied to the divorce, according to court documents. Although there has been extensive testimony about EES's problems -- Delainey, who replaced Pai in early 2001, called it a "basket case" -- the allegations of fraud at EES primarily involve later events, such as the transfer of EES losses into the wholesale division and public assurances about the business's success. By pleading the 5th Pai has kept himself from testifying in the trials of other Enron executives, and has avoided being charged himself. His birthday is publicly not available. After quitting her career as an exotic dancer, he married his mistress, and the two are now raising thoroughbreds. Ken Lay sold off $90 million worth of stock during this period. Louis a Chinease-Amercian businessman and former Enrone executive. It was a mess that got even messier when the affair resulted in a pregnancy. His wife, Lea, also worked at Enron, where she was an assistant treasurer; she was sentenced to a year in prison. Mar 28, 2009. Lovely Mimi New Boyfriend Bio, Wiki, Age, Arrest, Husband, Divorce, Kids Net Worth. So I guess technically he voluntary gave up the $30 million, but he did it to avoid further suits or prosecution. So the group bought a Bridget Riley and a Bill Viola projection piece, the Oldenburg and an important Mark Puryear titled "Bowers" that went for nearly $700,000 at auction. He probably thanks God every night for giving him that "peculiar fascination" with strippers! Money, and a peculiar fascination with strippers.". Skilling was hired to lead that effortand eventually became CEO of Enron, briefly, before quitting in July 2001 just months after taking the role. Shortly before Enron went belly up Lou Pais wife at the time filed for divorce, and her timing could not have been more perfect. Does Internet Increase, Decrease, or Supplement Social Capital? He was CEO of Enron Energy Services from March 1997 until January 2001 and CEO of Enron Xcelerator, a venture capital division of Enron, from February 2001 until June 2001. Apr 3, 2006 - Where, for example, is Lou Pai, the enigmatic Jeff Skilling confidant. In fact, it is this relationship that prompted his 2000 divorce, whose settlement required the highly fortuitous unloading of most of his Enron stock before the price began to tumble. EES wanted to create an alternative private sector option that allowed consumers to buy energy on the free market, direct from a utility. Keep supporting great journalism by turning off your ad blocker. Lou eventually became one of Enron CEO Jeff Skilling's most trusted and highest ranking executives. Through his various sources of income, Lou has been able to accumulate a good fortune but prefers to lead a modest lifestyle. The Real Housewives of Atlanta The Bachelor Sister Wives 90 Day Fiance Wife Swap The Amazing Race Australia Married at First Sight The Real Housewives of Dallas My 600-lb Life Last Week Tonight with John Oliver. CARTER SMITH). The deal went like this: Merrill Lynch agreed to buy three Nigerian power barges from Enron near the end of a quarter, after receiving a verbal guarantee that the barges would be repurchased six months later at a guaranteed profit. The Country should be outraged at what he and Lana Lee (Pai) have pulled off. BTW.that $30 mil.was paid by Enrons Director / Officer liability policy..it cost Pai , nothing! You won't see him hanging around the courthouse. She is now known as Melanie Pai. The neighborhood where Lay lives. Extremely introverted. Davis is now an attorney in the Los Angeles office of Loeb & Loeb law firm, where he advises companies, nonprofits and schools. In the year 1987, he joined Enron when it was just a regional energy supplier. Here are some interesting facts and body measurements you should know about Lou Pai. Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. ", Pai, 59, continues to live in Houston with the ex-stripper -- now his wife -- and is considering launching a small energy business, according to his lawyer. rollings.us. Downtown, across from Enron's gleaming corporate headquarters at 1400 Smith St., an unfinished $200 million, 40-story tower designed to be Enron's twin building sits like a shell. And though he has been on the defense witness list for Skilling and Lay's trial, it seems highly improbable he will take the stand in Houston. The Real Housewives of Atlanta The Bachelor Sister Wives 90 Day Fiance Wife Swap The Amazing Race Australia Married at First Sight The Real Housewives of Dallas My 600-lb Life Last Week Tonight with John Oliver. Ken Rice -- another top Enron executive -- adored Ferraris. under which this service is provided to you. Melanie Fewell, Lou Pais wife and a former stripper, is well-known for having wed the former Enron executive Lou Pai. After their child was born they moved to Colorado and there Lou turned the second largest landholder after buying a 120 sq. Lou's ex wife Lanna L. Pai, with whom he had two children, was paid an undisclosed lump sum that is believed to be in the tens of millions. "Not taking income when you should is just as wrong as taking income when you shouldn't," Whalley remarked, according to Glisan. At this point, Lou Pai must have felt like he woke up in a nightmare. And a horse so famous it was invited to perform at Linda McCartney's funeral. Baxter adored boats. and/or its affiliates. Being a binge-watcher himself, finding Content to write about comes naturally to Divesh. Not for fear of theft, but for fear that their $50,000-a-year employees might get the wrong message when they went to retrieve their Toyotas and Fords. In the time since, Pai went on to become on of the largest landowners in Colorado, where he lived for a time with his new wife, the former stripper, Melanie Fewell [Pai]. There have to be plenty more anecdotes where that came from, once Whalley takes the stand -- or there would be, if he ever does. More recently, Pai and his family have moved to Wellington, Florida. James Fallows. He also received enormous grants of valuable Enron stock. Lou has a net worth of $270 million as of 2021. Pai obtained his Bachelor of Science Degree and Master of Science Degree in economics from the University of Maryland, College Park where his father was a professor. They saw him not only as honest, but as someone who could right the wrongs at Enron. Once again, all in the same neighborhood. Follow peoplewithfame. Although Melanie Fewells actions after marrying Pai are not well known, it is said that she resigned from her position as an exotic dancer. Often visiting the Pai strip club during his time with Enron causing an affair with stripper Melanie Fewell (who is married, himself), and produces a pregnancy. Why did this happen? ----- . "Lou would prefer not to be a witness," says Jeffrey. "That was the kind of culture Jeff built around himself, where someone would risk their life just to get a pat on the back from him," says one former Enron executive, who requested anonymity. He was convicted by a Houston jury in 2006 of conspiracy, securities fraud, making false statements to auditors and insider trading. A Muddled Display Pre-printed invitations to local charity events are still arriving in the best Houston mailboxes with Ken and Linda Lay listed among the hosts. Create a free website or blog at WordPress.com. As part of the settlement, Lou Pai was barred from serving as an officer of a public company for five years. After the Enron scandal, they have generally avoided the spotlight, thus details about their relationship are scarce. Working as a McKinsey consultant, Skilling came up with the idea that transformed Enron from a gas company to a broker of natural gas contracts between producers and wholesalers. Pai departed Enron months before it filed for bankruptcy; the reason for his departure is unknown, but he sold out his remaining stock. Lou obtained both his B.S. On the cutting horses her family raised, she spent her formative years riding and honing her barrel racing and cutting skills. Prominent members of the Houston art world, including Ned Rifkin -- then the head of the Menil Collection, now the director of the Hirshhorn Museum -- and Barry Walker, a curator at the Museum of Fine Arts, were recruited to be a part of the collection committee, which was headed by Lea Fastow. He left Enron six months before it collapsed in late 2001, pocketing more than $265 million from exercising Enron options and selling stock. Unfortunately, the implementation of EES' ambitious goals turned out to be a huge disaster. The top 5 percent could expect to be invited to Mexico or Aspen with Skilling. Skilling's house is decorated in a sleek, black-and-white theme, in homage to Enron's corporate colors. These two couples are living now inMiddleburg, Virginia. Lou Pai was known to spend inordinate amounts of time during and after working hours in Houston-area strip clubs even though he was married. "Unfortunately, yes," responded Delainey. "The houses really aren't elaborate for Houston," says one top interior designer in town. This is the crazy part: To meet his divorce settlement, he cashed out of Enron to an amount believed to be around $300 million just before the collapse. Mark declined to comment further when reached by phone. There have been no reports of him being sick or having any health-related issues. And eventually, going to strip clubs turned into a full on affair with a stripper named Melanie Fewell. We will update this section when the information is available. Pai was not charged with any criminal wrongdoing in the Enron scandal and exercised his Fifth Amendment rights in regard to the subsequent Enron cl* action lawsuits. Press J to jump to the feed. He is now back in the energy world, according to areportthat quotes unnamed people. All the Enron employees know is that one of Skilling's Boys came home from that adventure with a broken leg. For all their money and presence in Houston -- the name on the baseball diamond, the frequent sponsorship of charity events -- most Enron executives weren't really a part of Houston's top society circle. Further, she completed her graduation in management and finance from the University of Tulsa. Skilling and Lay belong to the River Oaks Country Club -- the second-most exclusive in the city, beyond the Bayou Club -- but they haven't been seen there of late either. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. Ultimately Pai settled out of court with the SEC and deposited 31.5 million in a fund to aid the shareholders harmed by the Enron scandal; forfeiting far less than what he gained from his time in Enron. Socialnomics: The Social MediaRevolution. Sign up to receive our content. Kopper lived a few blocks away in a cottage he eventually remodeled to have an almost Japanese-style look, the house taupe in color, with a gray roof. It was an out of court settlement. Find out who you might see at the Enron trial, how they got involved, and what they're doing now. "The worst people could say of him was that he didn't manage EES well, and I'm not sure that's true. Fastow, seen as one of the chief architects of using off-book partnerships to conceal billions of dollars of losses and debt, pled guilty to securities and wire fraud in 2004 and wassentenced to six years in prison. As one of the anchors, they purchased a piece by famed minimalist Donald Judd. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Prosecutors never viewed Mark, whom Skilling finally pushed out in August of 2000, as a target. During his time at the now-defunct energy company, Pai was often referred to as "the . Pai's frequent strip club visits during his time with Enron led to an affair with stripper Melanie Fewell (who was also married), and resulted in a pregnancy. See the complete profile on LinkedIn and discover Melanie's . He has insisted he did nothing wrong, and he has not been charged. Watkins is now executive in residence at the McCoy College of Business at Texas State University and teaches a course at UNCs Kenan-Flagler Business School, she told Bloomberg News. He was indicted in 2004 by a grand jury for his role in wide-ranging schemes to defraud the public and accused by regulators of reaping more than $90 million in ill-gotten gains from selling stock. Pai worked for the federal government in the 1970s before joining Enron. Fastow is building something that looks like a country manor, almost Tudor-ish. The name Enron is still invokedin shorthandlike Theranos,Madoff or Lehmana full two decades after its public ruin. Lou worked for the federal government in the 1970s before joining Enron. Lou, during his Enron time, used to visit a strip club, and his affair story began there with stripper Melanie and which led to Melanie being pregnant. That Pai, who was married and had two children, met Melanie Fewell,. Haines -- who declined to give details about the Enron outing -- once designed a trip for Lovett and a bunch of his buddies, and the musician was so enthralled he thanked Haines on the liner notes of his next album. "Yeah, that was a little dirty," Delainey says Whalley remarked. And everybody had their thing: Fastow liked art. Age of April Kimble biography: twin, birthdate, height, who is Lyle Lovett married to? 2021 Marshals to the Bob Casey Federal Courthouse in Houston, Texas, in 2006. Home; About Us. Sherron Watkins, Enrons former Vice President of Corporate Development. Where, for example, is Lou Pai, the enigmatic Jeff Skilling confidant with a passion for strip clubs who netted $200 million from Enron stock -- more even than Ken Lay? When the bankruptcy occurred in December, more than a dozen pieces had been collected, costing in the millions, and the committee was in the process of reviewing proposals by artists for solicited pieces as well. Pai was born in Nanjing, China and came to the US at the age of 2. Lou Pai was a former executive at Enron, a trading firm for energy that rose quickly and fell much faster. Enron's all time highest price was $90.56 a share in August 2000. View Melanie Pai's profile on LinkedIn, the world's largest professional community. News, Reportedly, her estimated net worth is around $1 million. They moved to Colorado and there Lou turned the second largest landholder after buying a 120 sq have been reports! Scandal, they have generally avoided the spotlight, thus details about their relationship are.... 2, 2001, Enron filed for bankruptcy a sleek, black-and-white Theme, https: //dotcomstories.com/author/divesh-solanki/ a.... Turning off your ad blocker Pai and his family have moved to Wellington, Florida '' says Jeffrey world according. Practically falls across Kopper 's lawn strip club visits during his time at the after! Became one of Enron CEO Jeff Skilling 's house is decorated in a nightmare share in August.. Limited variety stand the test of time during and after working hours in Houston-area strip clubs n't. Up the $ 30 million, but as someone who could right the at! Will the law of limited variety stand the test of time and?. 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