Does Internet Increase, Decrease, or Supplement Social Capital? In order to pay the costly financial terms of his divorce settlement, Lou Pai was forced to cash out 100% of his Enron stock. He also snapped up several properties in Houston -- mostly older homes on blocks where massive renovations have taken place, areas clearly in the midst of major renewal. At age 51, she manages a family cattle ranch in northern New Mexico, and is also a director of a company that sells water-purification systems to developing countries. Lips on the walls. Scandals & Rumors. He was ultimatelyrecalled in 2003, with the states 2000-2001 electricity crisis fresh on voters minds. For More After the Enron scandal, they have generally avoided the spotlight, thus details about their relationship are scarce. Mar 28, 2009 Update on Xobni, Lou Pai (updated!) 2021 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. He was close to Skilling, he ran the controversial Enron Energy Services division, and he netted a mind-blowing fortune from Enron stock. Skilling's house is decorated in a sleek, black-and-white theme, in homage to Enron's corporate colors. As a member of the Enron Task Force, Weissmann led the prosecution of accounting firm Arthur Andersenand then became director of the unit. All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2018 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. $280 million. Pai ran Enrons retail energy unit, arriving at the company after stints at ConocoPhillips and DuPont. 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. Mar 28, 2009. Arnold's fund, started with $8 million of his own money, has performed spectacularly and now has some $1.5 billion in assets. This early sell-off of Enron stock had the benefit of shielding Pai from the insider trading charges leveled against other Enron executives who had also secretly sold off large amounts of stock before the company's ruinous finances were publicly known. 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. So he then married Melanie and she quit her . rollings.us. NowMark-Jusbasche, she invests in energy technology, water and agricultural projects with a focus on sustainable development, according to her LinkedIn profile. Together, with their newborn child, the couple moved to Colorado where Lou became the second largest land. "They are pretty much in keeping with what a top executive would have.". Another, named Pay N Go, had previously been summoned by Paul McCartney to perform at his wife's funeral in New York. 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. It was perfect for Skilling, a man who lives to be on the edge. (Creative Commons and flickr.com/people/eflon//Eflon), Mark Chediak, Greg Farrell and Naureen Malik, Kenneth Lay outside the Bob Casey Federal Courthouse in Houston, Texas, in 2006. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. in economics from the University of Maryland, College Park, where his father, Shih-I Pai, was a prominent aeronautics professor. During a three week period between May 18 and June 7 of 2001, Lou sold off every single share he had ever been granted. 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. The answer is timing so perfect it almost seemed planned. 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. Fewell married.Pai and his current wife operated Canaan Ranch, located near . Some of the absent executives might offer benign accounts of what really happened, but they aren't likely to appear for the defense either -- most would likely take the Fifth Amendment unless the government grants them immunity from prosecution, which isn't going to happen. All rights reserved. After finding this out, Lou's then-wife of over 20 years of marriage, filed for divorce. The gas bank, as it became known, reduced Enrons own exposure to fluctuating prices and spurred its growth through the 1990s. It is there that Pai, who was married and had two children, met Melanie Fewell, with whom he began an affair that lasted for years and produced an out-of-wedlock daughter. At Advantage BMW, a popular Houston shopping spot for high-end Enron employees, Cliff Baxter's name was removed -- by his request, before his suicide -- from the waiting list for a coveted 745 luxury sedan. 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. Upon learning of the affair, Pai's then-wife of over 20 years Lanna, with whom he has two children, filed for divorce. And, save for the Lays, few seemed to make much of an effort to be at the right parties or balls. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. As part of the settlement, Lou Pai was barred from serving as an officer of a public company for five years. When I walked out, not only was all my cash gone, but the only thing left in my wallet was an ATM receipt for the additional $60 I withdrew while inside the club (with a $5 strip club ATM fee). That was June of 2001. News, 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. To satisfy the financial . And eventually, going to strip clubs turned into a full on affair with a stripper named Melanie Fewell. "Why are you leaving?" One of the lucky few Enron executives to escape without criminal prosecution, Lou Pai has been referred to as the only guy whos ever been lucky to get divorced. Why was Lou Pai so lucky to get divorced? But it sure isn't fraud," says Jeffrey. 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. Two decades later, the companys name is still invoked in shorthand by policymakers and average Americans alike when talking about corporate greed and fraud. During his time at the now-defunct energy company, Pai was often referred to as "the . Morningstar, Inc. All Rights Reserved. In Enron's glory years, Whalley's close friend and rival was David Delainey, who in 2003 pled guilty to insider trading and gave some of the government's most powerful testimony against Lay and Skilling. Lou is 74 years old as of 2021, he was born in1947, in Nanjing, China. He also bought a ranch in suburban Houston for his second wife, Melanie Fewell Pai, and set her up with a breeding and training operation for top-quality dressage horses. Once again, all in the same neighborhood. Melanie standstall with a height of 5 feet 7 inches. This was before they all began upgrading their lifestyles. Lou Pai is a Chinese-American businessman and mathematical genius who has a net worth of $200 million. Why did this happen? Palak Tiwari Is All Set To Dazzle Bollywood With Her Beauty, That 90s Show Cast All Main Characters Are back Except One, 11 Bollywood Actresses Who Changed Their Real Names, 10 Celebrities Who Have Used Tinder Just Like Us, Violent Night Available On Only One Streaming Platform Read Details, Kiara Advanis Bold Looks Everyone Is Going Crazy For. Pai obtained both his BS and MS from the University of Maryland in College Park, where his father was a math professor. To stabilize the situation, he authorized the state to buy expensive power contracts that were paid off by customers over 20 years. Pai came to the United States aged two years. 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. 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? The top 5 percent could expect to be invited to Mexico or Aspen with Skilling. Actually, Lou Pai's penchant for strip clubs wasn't a reputation, it was a legend. Through Element, Pai has invested in pollution emissions credits. She is now known as Melanie Pai. Hebought a publicly traded liquids pipeline company from Enron and turned it into one of the largest U.S. energy infrastructure companies in the world: Kinder Morgan Inc. Kinder is today worth $7.8 billion, ranking 346 on the Bloomberg Billionaires Index. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Lou worked for the federal government in the 1970s before joining Enron. As legend has it, the strippers didn't believe such a mild mannered, almost meek, person was actually a powerful energy CEO. Lou Pai: The Only Guy Whos Ever Been Lucky to Get Divorced, the only guy whos ever been lucky to get divorced.. "It was the culture over there -- they were thoroughbreds, bred for speed.". But he hired the Houston-based design team of Michael Galbreth and Jack Massing -- who are known as the "Art Guys" -- to do his guest quarters. "They knew exactly what they wanted," says Wickman, whose son still works for Enron as a trader. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. Although Melanie Fewell's actions after marrying Pai are not well known, it is said that she resigned from her position as an exotic dancer. During his Enron career, Skilling put Pai in charge of multiple Enron subsidiaries. Does Internet Increase, Decrease, or Supplement SocialCapital? The employees and retirees lost a great deal of their pension and benefits. "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. It is a nice neighborhood, with houses that go for around a half-million dollars, but all on small lots, with alley parking in the back. Age of April Kimble biography: twin, birthdate, height, who is Lyle Lovett married to? 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. As a result of the lawsuit, Pai forfeited $6 million due to him from Enron's insurance policy for company officers to a fund for Enron shareholders. He also testified that in October 2001 he and Whalley were having a drink when the topic of the buried losses came up. At the Museum of Fine Arts, a $575,000 soft sculpture by Claes Oldenburg -- a part of Enron's corporate art collection -- is stored in a crate. Overview. Pai has been on the defense's witness list, but don't expect to see him on the stand; he took the Fifth in the Enron class-action civil suit. It wasn't enough for Lay to have one house in Aspen, he had to have four. And it wasn't enough to have one gleaming tower in downtown Houston. Photographer: F. CARTER SMITH/Bloomberg, Jeffrey Skilling at the Bob Casey Federal Courthouse in Houston, Texas, in 2006. Her father's name is Dr. Robert Miller and her mother's name is Dianne Miller. The bottom 5 percent could expect to be sent to the redeployment office, also known as the "office of shame," where they got a phone and a desk and a chance to be rehired by another division. As long as they stay in the shadows they are. Enron had to have two. Fastow last year said he accepted full responsibility for his actions and considers himself probably the personmost responsible for Enrons failureafter originally viewing himself as a hero. Fastow, whos now a public speaker onbusiness ethics, declined to comment when reached by phone. Ken Rice -- another top Enron executive -- adored Ferraris. "That's what any lawyer would advise. Lou was born in 1947, in Nanjing, China, and came to the United States at the age of 2 years. Basic Organizational Forms: A SecondLook, Learning from the Past- Structural Changes overTime. 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. His primary source of income is his career as a businessman and former Enron executive. From March 1997 until May 2001 Pai was CEO of the EES (Enron Energy Services) subsidiary. . She and her husband have operated Canaan Ranch together and used to train and raise dressage horses. It is one of the largest settlements in the history of the SEC's enforcement program dealing with an individual for alleged insider trading. And the outcomes were brutal. Upon learning of the problem, Pai's wife who is over 20 years old, Lanna, with whom she has two biological children, filed for divorce. The pair is now raising thoroughbreds in Houston and is regarded Read More A jury convicted him but charges were dropped after he died at the age of 64 in July 2006 while vacationing, justmonths before his sentencing was slated to take place. 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's Colorado ranchland included the 14,047-foot mountain Culebra Peak. Lovely Mimi New Boyfriend Bio, Wiki, Age, Arrest, Husband, Divorce, Kids Net Worth. Lou's often strip club visits during his time with Enron Corporation led to an affair with a stripper named Melanie Fewell (who was also married), and it resulted in a pregnancy. According to the wiki, she married Lou Lung Pai in 2001 and is still going strong. Lou Pai earned his net worth through his tenure serving as the CEO of Enron Energy Services and Enron Xcelerator, a venture capital division of Enron. Answered all inbound calls for the dealership. Blogging will not change every businessbut it will change many, Socialnomics: The Social Media Revolution, 09 F9 11 02 9D 74 E3 5B D8 41 56 C5 63 56 88 C0, Lou Pai: The Only Guy Who's Ever Been Lucky to Get Divorced, Blogging will not change every businessbut it will changemany, 09 F9 11 02 9D 74 E3 5B D8 41 56 C5 63 56 88C0. Upward Bound Only a few years ago, Skilling, Fastow, and Michael Kopper -- Fastow's lieutenant in the Enron scandal, according to conclusions drawn in the Powers report -- all lived within walking distance of one another in the quiet upper-class neighborhood called Southampton Place, which borders Rice University. The reasons for his resignation from Enron remain shrouded in mystery. FEEDBACK bmclean@fortunemail.com and pelkind@fortunemail.com. All times are ET. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. In 2008, Pai settled insider trading charges and agreed to pay regulators $31.5 million. Lou Pai's Wife & Children. Are these ghosts of Enron the luckiest people in Houston? He might indeed be one of the few men who have ever lucky to be served divorce papers. [, On July 30, 2008, Pai agreed to resolve the civil. Melanieis a happily married woman. She has a sister name Debby Kluepfel. "Given how aggressive the government has been, if they thought they had a case against Lou, I think they would have brought it.". EES spent a small fortune on advertisements around the country attempting to sell people on the idea of buying all their energy directly in one place. It led to an affair with stripper Melanie Fewell (who was also married) and resulted in a pregnancy. Pai came to symbolize the legendary lavishness and excesses of Enrons corporate culture despite a reputation for being extremely introverted, taciturn, as well as reclusive around the office. Sign up to receive our content. "He's the only guy who's ever been lucky to get divorced," says Deborah Jeffrey of Zuckerman Spaeder, Pai's Washington attorney. Within a decade, both Enron and Lou Pai were rising stars. No one expects them to attend anymore. Davis is now an attorney in the Los Angeles office of Loeb & Loeb law firm, where he advises companies, nonprofits and schools. So now Skilling resides in a mammoth Mediterranean-style home with a tile roof, and he's engaged to Rebecca Carter (the one known as Va Voom), who under Skilling was promoted to executive secretary to Enron's board of directors at a salary of $600,000. Lay loved real estate ventures. One of the horses he bought for her is named Gucci. Rebecca Mark, who built Enrons water business. 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. in economics from the University of Maryland, College Park, where his father, Shih-I Pai, was an aeronautics professor. The traders idolized Whalley. And a horse so famous it was invited to perform at Linda McCartney's funeral. It wasn't enough for former Enron president Jeffrey Skilling to hike in the Rockies, he wanted to scale glaciers in Patagonia. They were a bowling ball that knocked down a lot of bowling pins.. "That was the world they lived in," he says. With a partner, Kinder went on to formhis ownenergy company. Delainey recalled objecting to a plan to hide hundreds of millions of dollars in losses, at a meeting of executives. 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. Lou Pai {Full name Lou Lung Pai (Chinese: ; pinyin: Bi Lulng)} is a Chinese-American businessman and former Enron executive who was born in 1947, Nanjing, China. [2] After the divorce, Pai and Fewell married. "They wanted the work to be contemporary and adventurous -- the work was supposed to reflect Enron's culture," Walker says. Through his various sources of income, Lou has been able to accumulate a good fortune but prefers to lead a modest lifestyle. Lockyer is now an attorney at the law firm Brown Rudnick. Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. Before Skilling divorced his first wife in a messy, contentious battle and took up with an Enron secretary whom staffers called "Va Voom" behind her back. The Oldenburg, called "Soft Light Switches," is a red-vinyl version of the traditional double light switch. Lay -- who also divorced his first wife and is married to his former secretary -- spent his money in Aspen, where he bought three homes and one lot. Just months later, Enrons stock prices dramatically collapsed and it filed for bankruptcy protection. 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. Known as Mark the Shark for her negotiating skills, Mark was one of the most senior female executive in the energy industry in the 1990s, rising to chief executive of Enron International and serving as a member of the companys board. Sherron Watkins, Enrons former Vice President of Corporate Development. Marshals to the Bob Casey Federal Courthouse in Houston, Texas, in 2006. and M.S. And former chief financial officer Andrew Fastow, who loved art, wanted Enron's corporate collection to rival any business's. (The government has ruthlessly narrowed its case, never calling two witnesses when one might do.). By getting his stripper girlfriend pregnant, he was forced to sell off every single share of Enron he ever owned. In August 2001, Watkins alerted Lay to problems with the companys books, warning in a memo that Enron could implode in a wave of accounting scandals. She was lauded as one of Time Magazines persons of the year in 2002 along with two other whistleblowers, Cynthia Cooper of WorldCom and the FBIs Coleen Rowley. Wayne Wickman -- who runs the dealership -- used to love it when he saw Enron traders come through his door. This is new territory for me.". Pai and Fewell raised and trained dressage horses on Canaan Ranch, located near metropolitan Houston. Pai left Enron with over $280 million after selling a substantial amount of his shares. These topics have nothing in common apart from a sort of odd orthographic. It's for sale now, one of so many gems coated in the ashes of Enron's collapse. During Lous time with Enron, his regular strip club visits began to an affair with stripper Melanie Fewell (who was also married) as well resulted in a pregnancy. In his college years, Lou was considered a mathematical genius. Yet it is Mark, along with Fastow, whom Skilling once blamed for Enron's destruction. Apr 3, 2006 - Where, for example, is Lou Pai, the enigmatic Jeff Skilling confidant. Melanie Pai was born in 1963 in Houston, Texas, United America. As mentioned earlier, Pai loved strippers and frequented strip clubs, which eventually led to an affair with a stripper, Melanie Fewellwho he impregnated. The couple opened a second Canaan Ranch when they later moved from Sugar Land, Texas, to Middleburg, Virginia, but put it up for sale as of 2014. When times were good, Lou Pai also had a reputation for enjoying the Houston-area strip clubs. So where's Whalley? His frequent visits to strip clubs led to an affair with a stripper. Video Lou Pai. Shortly before Enron went belly up Lou Pais wife at the time filed for divorce, and her timing could not have been more perfect. and/or its affiliates. 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. He was convicted by a Houston jury in 2006 of conspiracy, securities fraud, making false statements to auditors and insider trading. October 2001 he and Whalley were having a drink when the topic melanie fewell lou pai wife the double... Securities fraud, '' says Wickman, whose son still works for Enron 's collapse sale... 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