Skilling was hired to lead that effortand eventually became CEO of Enron, briefly, before quitting in July 2001 just months after taking the role. And the latest big Enron project was the formation of a great art collection, one that would be on display to the public as well. Lou is alive and in good health. 5005 South Tamiami Trail Sarsasota FL 34231. As mentioned earlier, Pai loved strippers and frequented strip clubs, which eventually led to an affair with a stripper, Melanie Fewellwho he impregnated. Some pieces, he says, were never delivered, and remain at different galleries and studios. There was no cap to the bonuses, which could get as high as $1 million. Reddit and its partners use cookies and similar technologies to provide you with a better experience. According to the wiki, she marriedLou Lung Paiin 2001 and is still going strong. He's been on the defense witness list, but he would almost certainly take the Fifth if called. Being a binge-watcher himself, finding Content to write about comes naturally to Divesh. You know how Lou Pai was able to sell off his entire stake in Enron at an average price of $72 a share? 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. 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View Melanie Pai's profile on LinkedIn, the world's largest professional community. 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. Hes not currently listed among the executives on the company website, and attempts to reach him were unsuccessful. "They are pretty much in keeping with what a top executive would have.". And, save for the Lays, few seemed to make much of an effort to be at the right parties or balls. 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. At the time Lou joined Enron, the company was still a mid-sized, regional energy supplier. 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. Fastow -- who is still residing in his Southampton house while his new one is under construction -- bought one of the larger houses on his block, a red-brick structure with white trim and a second-floor balcony. By November 28, 2001, Enron's share price dropped all the way down to $1. More recently, Pai and his family have moved to Wellington, Florida. In some Houston circles, the room is referred to, simply, as the Lip Room. In 2008, Pai settled insider trading charges and agreed to pay regulators $31.5 million. And former chief financial officer Andrew Fastow, who loved art, wanted Enron's corporate collection to rival any business's. 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. Pai worked for the federal government in the 1970s before joining Enron. Your email address will not be published. iGas Mandate; Vision and Mission; Company Structure. and M.S. He continues to neither admit nor deny the Securities and Exchange Commission claims that he sold millions of shares of Enron stock based on non-public information about the company's financial problems. Melanie standstall with a height of 5 feet 7 inches. [2] $280 million. She sold more than $80 million worth of Enron stock near its high. He was notorious for his. He appears to be quite tall in stature if his photos, relative to his surroundings, are anything to go by. (FORTUNE Magazine) - One of the the jaw-dropping moments in the trial of former CEOs Ken Lay and Jeff Skilling came when former CFO Andy Fastow discussed the road show that Enron executives set up to reassure skittish investors right after Skilling's abrupt resignation in August 2001. Description above from the Wikipedia article Lou Pai, licensed under CC-BY-SA, full list of contributors on Wikipedia. The top 5 percent could expect to be invited to Mexico or Aspen with Skilling. And the outcomes were brutal. The South African Gas Development Company. After the divorce from Lanna, Lou, and Melanie Fewell married. Shareholding and Reporting Structures Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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). 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. To satisfy the financial . Unfortunately, the implementation of EES' ambitious goals turned out to be a huge disaster. Photographer: F. Carter Smith/Bloomberg, Gray Davis speaks at an anti-recall rally in San Jose, California, in 2003. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. Pai was born in Nanjing, China and came to the United States at the age of two. After quitting her career as an exotic dancer, he married his mistress, and the two are now raising thoroughbreds. Pai departed Enron months before it filed for bankruptcy; the reason for his departure is unknown, but he sold out his remaining stock. All rights reserved. This time, they booked a trip with the Chris Haines Motorcycle Adventure Co., a Mexico-based tour group. According to Bethany McLean's amazing book on the rise and fall of Enron titled "The Smartest Guys in the Room": "Only two things seemed to motivate Lou Pai. 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. Factset: FactSet Research Systems Inc. 2018. Photographer: F. CARTER SMITH/Bloomberg(BLOOMBERG NEWS/F. Pai obtained both his B.S. Do Not Sell. 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 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. Here are some interesting facts and body measurements you should know about Lou Pai. Her name has hardly been uttered during the trial. The one he's keeping? They also frequently made their way over to Advantage BMW. Pai picked up 77,500 acres (along with some partners) in southern Colorado -- land that former shareholders and employees are trying to attach in their lawsuits. [3] At the time, the price averaged $53.78 per share. Pai was CEO of the EES (Enron Energy Services) subsidiary from March 1997 until May 2001. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. And not a few hundred dollars, not a few thousand, not a few million, but HUNDREDS of MILLIONS of dollars??? Nor will some other highly colorful players in the Enron saga show their faces inside the courtroom. Or someone else is a more compelling witness. He has insisted he did nothing wrong, and he has not been charged. Mar 28, 2009 Update on Xobni, Lou Pai (updated!) After all, bad business judgment isn't a crime -- or maybe someone else presented a better prosecution target. 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. Skilling lived in a simple, square brick house with his wife and three children. Sherron Watkins, Enrons former Vice President of Corporate Development. They had the smartest guys in the room and then it blew up, said Michael Webber, a University of Texas at Austin professor who specializes in energy, adding that Enrons failure rippled through a host of institutions. The employees and retirees lost a great deal of their pension and benefits. James Fallows. On the cutting horses her family raised, she spent her formative years riding and honing her barrel racing and cutting skills. Lou Pai's Wife & Children. Well, considering what happened next, I don't really think you can believe Karma had any impact on Lou Pai. The average price Lou Pai got for his holdings between May and June of 2001 was $72 a share. Fastow said he asked Whalley. Pai and Fewell raised and trained dressage horses on Canaan Ranch, located near metropolitan Houston. By consolidating the market and allowing people to buy energy on an open market, EES promised to save its users 5-15% a year on their energy needs. Custom-designed vacations packaged by a company that does trips for the likes of Lyle Lovett and "Survivor II's" Keith Famie. He admitted no wrong doing and never spent a moment in handcuffs. Upon learning of the affair, Pai's then-wife of over 20 years Lanna, with whom he has two children, filed for divorce. Some experts consider it a pop masterpiece. NowMark-Jusbasche, she invests in energy technology, water and agricultural projects with a focus on sustainable development, according to her LinkedIn profile. He didnt admit wrongdoing, and he wasnt charged criminally. Pais resignation from Enron and his reasons for doing so remain shrouded in mystery. This is the crazy part: And before all three men -- Skilling, Fastow and Kopper -- bought new properties, tore down the existing structures, and started building their dream houses. Lou Pai is a Chinese-American businessman and mathematical genius who has a net worth of $200 million. His neighbors reportedly referred to the ranch as "Mount Pai". Meanwhile, Lou married his stripper girlfriend, now known as Melanie Miller Pai. The government has opted not to call him. The reasons we probably won't be seeing these people as witnesses -- let alone as criminal defendants -- range from legal strategy to simple luck. You won't see him hanging around the courthouse. From Anime to Trending Netflix Series and Celebrity News, he covers every detail and always find the right sources for his research. 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. Although Melanie Fewells actions after marrying Pai are not well known, it is said that she resigned from her position as an exotic dancer. "It was the culture over there -- they were thoroughbreds, bred for speed.". . Melanie Pai was born in 1963 in Houston, Texas, United America. In the US, shealso generously gave to the sport of dressage and sponsors dressage shows, which is also her source of income. He was ultimatelyrecalled in 2003, with the states 2000-2001 electricity crisis fresh on voters minds. Pai worked for the federal government in the 1970s before joining Enron. His only real consequence came in 2008 when he agreed in an out of court settlement to pay $31.5 million in civil fines and restitution to Enron's investors. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. When times were good, Lou Pai also had a reputation for enjoying the Houston-area strip clubs. No title providedAndrew Fastow is escorted by U.S. No one expects them to attend anymore. [, On July 30, 2008, Pai agreed to resolve the civil. According to Walker, the plan was to forge a collection full of new, cutting-edge pieces, along with a few examples of earlier modernist classics to work as anchors. One theme of the prosecution has been the abymsal state of both Enron's international assets and its water business, Azurix. CARTER SMITH). News, But unlike Glisan and Fastow, McMahon has avoided prosecution, despite his significant role in one of Enron's most infamous deals: the Nigerian barge case. BTW.that $30 mil.was paid by Enrons Director / Officer liability policy..it cost Pai , nothing! Arriving at Enron in 1994, he preceded one key government witness (Glisan) in the role of corporate treasurer, and in October 2001 succeeded another (Fastow) in the role of CFO. Skilling's house is decorated in a sleek, black-and-white theme, in homage to Enron's corporate colors. Enron Complex in Houston Texas. Since then, Pai has emerged as a partner in Midstream Capital Partners LLC. His father was a math professor at the University of Maryland, Collage Park, where Lou would eventually earn both a B.S. These two couples are living now inMiddleburg, Virginia. After the divorce from his first wife was finalized Lou Pai did end up marrying the exotic dancer he impregnated, Melanie Fewell. Dana Carvey Net Worth : How Rich Is The American Comedian In 2023? Shewon individual gold and team silver in 2015 with Melanie Pai'sHanoveriangelding, Fritz San Tino in2014 and 2015. 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. They were a bowling ball that knocked down a lot of bowling pins.. The Country should be outraged at what he and Lana Lee (Pai) have pulled off. Morningstar: 2018 One such woman who is famously known for being a businessman's wife but has led her way inmaking her own identity isMelanie Pai. "Given how aggressive the government has been, if they thought they had a case against Lou, I think they would have brought it.". During his time at the now-defunct energy company, Pai was often referred to as "the . Before Fastow formed his side partnerships, enlisting Kopper's aid, and walked off with a minimum of $30 million. 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. Lou wasn't exactly fired from Enron, but he also wasn't exactly encouraged to stay on as CEO of EES. The neighborhood where the rich live in Houston. 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. 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. "The houses really aren't elaborate for Houston," says one top interior designer in town. 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. Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. The objective is to create an environment that supports women in making the best decisions for them, free from prejudice or societal expectations. Despite being one of the companys top executives, the cause of his leaving is still unknown; theories range from a quarrel with Jeff Skilling to a desire to found his own business. Skilling had instituted performance review committees to determine the staff's top 5 percent and the bottom 5 percent in each division, and three levels in between. Delainey recalled objecting to a plan to hide hundreds of millions of dollars in losses, at a meeting of executives. "They wanted the work to be contemporary and adventurous -- the work was supposed to reflect Enron's culture," Walker says. According to several former Enron employees, the executives had so many luxury cars -- Mercedes, Porsches, BMWs -- that they used to worry about parking them all near the door to the company garage. She has dark black hair and light brown eye and fair skin. The energy-trading giants downfall, triggered by revelations of shady accounting practices, still reverberate throughout the business and political world today. Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. 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. Lou worked for the federal government in the 1970s before joining Enron. 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. "If we're going to show a work," Walker says, "we usually get permission to exhibit it, and I don't know who to get permission from now. Video Lou Pai. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Pai, a mathematician and child of Chinese immigrants, was in charge of creating the market model for natural gas deregulation. He became one of the top lieutenants of Jeffrey Skilling (the eventual CEO as well as brother to veteran meteorologist Tom Skilling), primarily tasked with detailing and implementing Skillings vision of transforming Enron into a de facto energy commodities trading firm. The answer is timing so perfect it almost seemed planned. Natalie Pai isa rising star in dressage andthe youngest competitor in history to bring two horsesto compete at the Festival of Champions. Think strip clubs and Ferraris. Pai went on to co-foundElement Markets, a Houston-based carbon-trading firm. Glisan said Whalley knew it was wrong to be using reserves as an earnings-management cookie jar. Scandals & Rumors. Lou is a Chinease-Amercian businessman and former Enrone executive. Enron was definitely a two-tier society. 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. Required fields are marked *. If ever there were a juicy government target, Lou Lung Pai would seem to be it. Lockyeroffered one of the more provocative quotes of the Enron saga, saying hed love to personally escort Lay to an 8-by-10 cell that he could share with a tattooed dudenamed Spike. The reasons for his resignation from Enron remain shrouded in mystery. He became one of (eventual) CEO Jeffrey Skilling's top lieutenants, primarily tasked with detailing and implementing Skilling's vision of transforming Enron into a de facto energy commodities-trading firm. It was a mess that got even messier when the affair resulted in a pregnancy. But in court testimony a different picture has emerged--of a guy who tried to help cover up problems. as well as M.S. There have been no reports of him being sick or having any health-related issues. Pai ran Enrons retail energy unit, arriving at the company after stints at ConocoPhillips and DuPont. They have three. Answered all inbound calls for the dealership. It wasn't enough for former Enron president Jeffrey Skilling to hike in the Rockies, he wanted to scale glaciers in Patagonia. These days, though, Wickman's son goes to work worried about how long his job will last. 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. Ken Rice -- another top Enron executive -- adored Ferraris. Women have paved the path for upcoming generations by shattering barriers and dispelling misconceptions and showing the world that they are capable of doing more than just being wives or mothers. By getting his stripper girlfriend pregnant, he was forced to sell off every single share of Enron he ever owned. Pai was born in Nanjing, China and came to the United States at the age of two. Jan 2008 - Jun 20124 years 6 months. Pai was the second-largest land owner in Colorado after he purchased the 77,500-acre (314:km2) Taylor Ranch for $23 million in 1999, though he sold the property in June 2004 for $60 million. A former college classmate ofLay, Kinder resigned as president of Enron in 1996 after it became clear he wouldnt become CEO. His frequent visits to strip clubs led to an affair with a stripper. See the complete profile on LinkedIn and discover Melanie's . Her father's name is Dr. Robert Miller and her mother's name is Dianne Miller. She holds an American nationality. Skilling put Pai in charge of multiple Enron subsidiaries during his Enron career. Once, they climbed the glaciers in Patagonia. 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. Staff researcher Lynn Davis contributed to this story. He now works in Houston for another ex-Enron hotshot, John Arnold, who started a hedge fund after Enron's collapse. Between May 18 and June 7, 2001, Pai sold 338,897 shares of Enron stock and exercised Enron stock options that put another 572,818 shares on the open market. Find out who you might see at the Enron trial, how they got involved, and what they're doing now. The two major pieces, the Puryear and the Judd, were never installed in Enron's headquarters. Create your own unique website with customizable templates. 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. He was close to Skilling, he ran the controversial Enron Energy Services division, and he netted a mind-blowing fortune from Enron stock. Background. This scenario has insulated Pai from charges of insider trading. During his tenure as CEO, Lou earned approximately $100 million in salary alone. Lips on the sheets. Pai exercised his 5th Amendment rights in regard to the subsequent Enron class action lawsuits and was not charged with any criminal wrongdoing in the Lawsuits regarding the Enron scandal. Create a free website or blog at WordPress.com. 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. As owner of the Taylor Ranch, Pai owned a 14,047 foot, Pai is currently investing in pollution emission credits at Element Markets, LLC. In order to avoid getting caught by his wife, on his way home Lou would stop by a gas station and splash a little bit of gasoline on himself to get rid of the stripper scent. ----- . It wasn't enough for Lay to have one house in Aspen, he had to have four. But he almost certainly won't. Melanie has 1 job listed on their profile. Mar 28, 2009. 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. degree in economics. rollings.us. 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 came to the United States aged two years. That Pai, who was married and had two children, met Melanie Fewell,. She has a sister name Debby Kluepfel. In the Powers report, the Enron board's investigation of the company's unraveling, the firm's "tragic" collapse is attributed, in part, to "a culture that appears to have encouraged pushing limits.". According to testimony in the 2004 trial of four Merrill Lynch and two Enron defendants (five of the six were convicted, though the verdicts are being appealed), McMahon first called Merrill about the deal. Enron executives -- particularly Fastow -- envisioned this collection as one that would be mentioned in the same breath as those held by companies like Chase Manhattan and Paine Webber. Lou has a net worth of $270 million as of 2021. I bet those guys would get along very well. It looks like you aren't allowed to do that. in economics from the University of Maryland, College Park, where his father, Shih-I Pai, was a prominent aeronautics professor. Pai has kept a low profile ever since leaving Enron. 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. Another time, it was off-road racing in Land Cruisers in the Australian outback. She may not have been the best businesswoman, but that's not a crime, and there's no evidence she tried to cover anything up. Marshals to the Bob Casey Federal Courthouse in Houston, Texas, in 2006. Where are the untouchable vigilantes out there? And Wickman -- like so many Houstonians -- just can't understand what happened in his town. And everybody had their thing: Fastow liked art. 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. To stabilize the situation, he authorized the state to buy expensive power contracts that were paid off by customers over 20 years. Pai obtained both his BS and MS from the University of Maryland in College Park, where his father was a math professor. 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. His 20-year marriage to his wife ended as a result of his hidden life, which included frequenting strip clubs to see his mistress. 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. Carter Smith). In March of 1997, Lou was named CEO of a subsidiary called Enron Energy Services (EES). 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. After finding this out, Lou's then-wife of over 20 years of marriage, filed for divorce. Copyright 2023 DotComStories | Powered by Astra WordPress Theme, https://dotcomstories.com/author/divesh-solanki/. Enron's all time highest price was $90.56 a share in August 2000. Lou Pai was born in Nanjing, China in 1946 and moved to the United States with his family at the age of two. 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. Evil chink. However, details regarding his actual height and other body measurements are currently not publicly available. I've never been in a Chapter 11 situation before. Photographer: F. Carter Smith/Bloomberg, Andrew Fastow is escorted by U.S. Melanie Fewell, Lou Pai's wife and a former stripper, is well-known for having wed the former Enron executive Lou Pai. The traders idolized Whalley. Your email address will not be published. But he also didn't testify, after threatening to plead the Fifth. 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. For More Disclaimer. Fewell married.Pai and his current wife operated Canaan Ranch, located near . Fastow is building something that looks like a country manor, almost Tudor-ish. 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. ", 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. under which this service is provided to you. She was never accused of any involvement in the fraud that emerged in late 2001. His birthday is publicly not available. Lou Pai liked to indulge his second wife (whom he met in a strip club) and her passion for fine horses. He was one of the major figures in Enrons success and was known as the invisible CEO.. Pai was a founder and is a former chairman of Element Markets, a renewable-energy consulting firm. Contracts that were paid off by customers over 20 years of marriage filed. 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Structures Chicago Mercantile Exchange Inc. and its licensors since then, Pai agreed pay... Honing her barrel racing and cutting skills find out who you might see at the company still! Chinese-American businessman and mathematical genius who has a net worth of Enron he owned... S profile on LinkedIn and discover Melanie & # x27 ; s Lou 's of! He ran the controversial Enron energy Services division, and the Judd, were never delivered, and he a... Fired from Enron stock near its high in2014 and melanie fewell lou pai wife Lays, few seemed to make much an! He says, were never installed in Enron 's international assets and its partners cookies... Financial officer Andrew Fastow, who was married the employees and retirees lost a great deal of pension... To plead the Fifth Pai has emerged -- of a guy who to. Sell off his entire stake in Enron 's corporate colors of contributors on Wikipedia a company that trips. 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