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. Of course, most Enron employees weren't the ones going on the ski weekends to Beaver Creek, Colo., or flying in one of the company's corporate jets -- there was a fleet of them stored in a private hangar at Bush Intercontinental Airport. 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. 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. BTW.that $30 mil.was paid by Enrons Director / Officer liability policy..it cost Pai , nothing! 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. 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. All times are ET. She has a son namedKyle and a daughter named Natalie Pai. The goal of EES was to sell gas and electricity directly to personal homes and businesses a market prices. 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. Entertainment, Shareholding and Reporting Structures Lou Lung Pai (Chinese: ; pinyin: Bi Lulng) (born 23 June 1947) is a Chinese-American businessman and former Enron executive. 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. 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. It was probably hard to do because at the time, Enron was absolutely kicking ass as a company and as a stock. Wayne Wickman -- who runs the dealership -- used to love it when he saw Enron traders come through his door. and M.S. Where is Rebecca Mark, the hard-charging glamour girl who planted troubled Enron energy and water projects around the globe? 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]. The two major pieces, the Puryear and the Judd, were never installed in Enron's headquarters. . 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. His prison sentence of 24 years was eventually reduced, and he left prison in 2019. Secret Masonic-like super hero ninjas who will slip into his evil world and finish hi moogooguypan. Nor will some other highly colorful players in the Enron saga show their faces inside the courtroom. So he then married Melanieand she quit her job as an exotic dancer. A $7.1 million apartment in the Huntingdon -- Houston's finest apartment building -- where camera crews routinely sit outside and the Lays' neighbors now grumble that their dinner guests are practically patted down by security before being allowed to enter the building. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. Create your own unique website with customizable templates. Find out who you might see at the Enron trial, how they got involved, and what they're doing now. "Not taking income when you should is just as wrong as taking income when you shouldn't," Whalley remarked, according to Glisan. It was quite a ride they took, Enron's top brass. 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. Not long after Lou fled to Colorado, Enron slowly started to collapse as investors began to question the company's accounting practices and general business ethics. Disclaimer. "They are pretty much in keeping with what a top executive would have.". Background. Pai was a founder and is a former chairman of Element Markets, a renewable-energy consulting firm. "That was the world they lived in," he says. That was June of 2001. She sold more than $80 million worth of Enron stock near its high. And Wickman -- like so many Houstonians -- just can't understand what happened in his town. Because strippers are absolute Zen masters when it comes to extracting money from men. (In early 2005 she agreed to pay $5.2 million of that to settle her share of a lawsuit brought by former Enron stockholders.). The average price Lou Pai got for his holdings between May and June of 2001 was $72 a share. Before Enron's stock took off, and everybody made tons of cash. 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. 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. Dana Carvey Net Worth : How Rich Is The American Comedian In 2023? Enron had to have two. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. Natalie Pai isa rising star in dressage andthe youngest competitor in history to bring two horsesto compete at the Festival of Champions. Skilling had a yen for travel adventures. Press J to jump to the feed. "They wanted the work to be contemporary and adventurous -- the work was supposed to reflect Enron's culture," Walker says. From Anime to Trending Netflix Series and Celebrity News, he covers every detail and always find the right sources for his research. However, details regarding his actual height and other body measurements are currently not publicly available. Why you haven't -- and won't -- see some of Enron's most colorful characters anywhere near this trial. After the divorce, Pai and Fewell married. 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Although Melanie Fewells actions after marrying Pai are not well known, it is said that she resigned from her position as an exotic dancer. 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. He died of a heart attack on July 5, 2006, before his sentencing. All rights reserved. See the complete profile on LinkedIn and discover Melanie's . I bet those guys would get along very well. Lou Pai's Wife & Children. Pai and Fewell together operated Canaan Ranch, located near metropolitan Houston, where they raised and trained dressage horses. rollings.us. Pai sold out approximately $250 million of his Enron stock to satisfy the financial terms of his divorce settlement. 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. But in court testimony a different picture has emerged--of a guy who tried to help cover up problems. Socialnomics: The Social MediaRevolution. But things went off the rails asexecutives put together obscure financial instruments that ultimately became ticking time bombs. 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. However, Pai forfeited $6 million due to him from Enrons insurance policy for company officers to a fund for Enron shareholders as a result of the lawsuit. And eventually, going to strip clubs turned into a full on affair with a stripper named Melanie Fewell. "Exhilarating," "freewheeling," "innovative," in the words of one 30-year-old who leaped three titles in three years. "Why are you leaving?" 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. He's been on the defense witness list, but he would almost certainly take the Fifth if called. 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. Hes not currently listed among the executives on the company website, and attempts to reach him were unsuccessful. View Melanie Fewell results in Texas (TX) including current phone number, address, relatives, background check report, and property record with Whitepages. The name Enron is still invokedin shorthandlike Theranos,Madoff or Lehmana full two decades after its public ruin. 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. She has a sister name Debby Kluepfel. 2023 Celebrity Net Worth / All Rights Reserved. iGas Mandate; Vision and Mission; Company Structure. As owner of the Taylor Ranch, Pai owned a 14,047 foot, Pai is currently investing in pollution emission credits at Element Markets, LLC. Photographer: F. CARTER SMITH/Bloomberg(BLOOMBERG NEWS/F. 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. These topics have nothing in common apart from a sort of odd orthographic. Video Lou Pai. Pai obtained both his B.S. 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. He wrote a book about that probe, Where Law Ends, andnowteaches at New York University Law School. Lou was born in 1947, in Nanjing, China, and came to the United States at the age of 2 years. Enron was definitely a two-tier society. It's critical to acknowledge and appreciate the accomplishments of womenand to provide them the same opportunity as men to follow their interests. Whalley, now 44, was long one of the central characters in the Enron drama, although he only burst into public view during the company's final months. Photographer: David McNew/Getty Images North America(Photographer: David McNew/Getty /David McNew). Pai, a mathematician and child of Chinese immigrants, was in charge of creating the market model for natural gas deregulation. For a precious few, that culture wasn't confined to Enron's trading floors and accounting offices -- it became a way of life in which nothing was ever enough. 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. During a three week period between May 18 and June 7 of 2001, Lou sold off every single share he had ever been granted. Copyright 2023 DotComStories | Powered by Astra WordPress Theme, https://dotcomstories.com/author/divesh-solanki/. and/or its affiliates. It was an out of court settlement. To satisfy the financial terms of his divorce settlement, Pai cashed out approximately $250 million of his Enron stock just months before the company's stock price dramatically collapsed and it filed for bankruptcy protection. [2] Lou obtained both his B.S. "Given how aggressive the government has been, if they thought they had a case against Lou, I think they would have brought it.". Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. "It was the culture over there -- they were thoroughbreds, bred for speed.". Does Internet Increase, Decrease, or Supplement SocialCapital? Prior to the companys demise, Pai cashed out $270 million in stock, divorced his wife, and wed an exotic dancer. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. 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. His father was a math professor at the University of Maryland, Collage Park, where Lou would eventually earn both a B.S. Melanie Fewell, Lou Pai's wife and a former stripper, is well-known for having wed the former Enron executive Lou Pai. The neighborhood where Lay lives. 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. On December 2, 2001, Enron filed for bankruptcy. . He also testified that in October 2001 he and Whalley were having a drink when the topic of the buried losses came up. "I'll cover it off with the reserves." Pai worked for the federal government in the 1970s before joining Enron. He was close to Skilling, he ran the controversial Enron Energy Services division, and he netted a mind-blowing fortune from Enron stock. Very reserved. Lou {Full name Lou Lung Pai (Chinese: ; pinyin: Bi Lulng)} is a Chinese-American businessman and former Enron executive. And, save for the Lays, few seemed to make much of an effort to be at the right parties or balls. EES wanted to create an alternative private sector option that allowed consumers to buy energy on the free market, direct from a utility. Mark declined to comment further when reached by phone. Pai left Enron with over $280 million after selling a substantial amount of his shares. Arnold's fund, started with $8 million of his own money, has performed spectacularly and now has some $1.5 billion in assets. Although she has been on the defense witness list, it's not clear they'll call her even if she is willing to testify, since she left Enron too early to know much about the government's specific in-court allegations against the former CEOs. The employees and retirees lost a great deal of their pension and benefits. Upon learning of the affair, Pai's then-wife of over 20 years Lanna, with whom he has two children, filed for divorce. 2021 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. Create an account to follow your favorite communities and start taking part in conversations. Mar 28, 2009 Update on Xobni, Lou Pai (updated!) They lived a life of perks and privilege, and they knew it. He didnt admit wrongdoing, and he wasnt charged criminally. Marshals to the Bob Casey Federal Courthouse in Houston, Texas, in 2006. in economics from the University of Maryland, College Park, where Lous father, Shih-I Pai, was an aeronautics professor. After their child was born they moved to Colorado and there Lou turned the second largest landholder after buying a 120 sq. Create a free website or blog at WordPress.com. CARTER SMITH). Pai was born in Nanjing, China and came to the US at the age of 2. Two months later, on August 15, 2001, Enron's share price sunk to $42. A former college classmate ofLay, Kinder resigned as president of Enron in 1996 after it became clear he wouldnt become CEO. They weren't fourth-generation Houstonians -- which is basically what it takes to get into the Bayou Club. Photographer: F. Carter Smith/Bloomberg, Andrew Fastow is escorted by U.S. Mar 28, 2009. How did his wifes discovery of his many year-long affair with a stripper, and their child out-of-wedlock, turn out to be a good thing for Pai? 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. Do Not Sell. Since then, Pai has emerged as a partner in Midstream Capital Partners LLC. Lou Pai was a recluse. Your email address will not be published. Reportedly, her estimated net worth is around $1 million. (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. 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. And it wasn't enough to have one gleaming tower in downtown Houston. It led to an affair with stripper Melanie Fewell (who was also married) and resulted in a pregnancy. He also bought a ranch in suburban Houston for his second wife, Melanie Fewell Pai, and . Her name has hardly been uttered during the trial. And Kopper and his partner William Dodson opted for a postmodern abode -- boxy, all white and beige and glass and hard angles. 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. 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. Why did this happen? 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 part of the settlement, Pai was also barred from serving as an officer or director of a public company for five years. under which this service is provided to you. 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. A WarnerMedia Company. Upon knowing of the affair, Lou's then-wife of more than 20 years, Lanna, with whom he has 2 biological children, filed for divorce. 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. 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. Pai and Fewell married, after the divorce. News, 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. "Lou would prefer not to be a witness," says Jeffrey. Enron combined the glamour of NASA and Wall Street. Lou worked for the federal government in the 1970s before joining Enron. Sherron Watkins, the whistleblower who started it all. 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. Funky, humorous -- at times even described as adolescent in their approach to design -- the Art Guys did the bedroom with a folk art approach, with lots of color and a focus on lips. Together, with their newborn child, the couple moved to Colorado where Lou became the second largest land holder in the entire state after purchasing a 120 square mile ranch in the Sangre de Cristo mountain range. The best of Latin America and the Hispanic world. 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. 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. 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). To satisfy the financial . On the cutting horses her family raised, she spent her formative years riding and honing her barrel racing and cutting skills. With a partner, Kinder went on to formhis ownenergy company. 15 Taissa Farmiga Movies and TV Shows That Prove She's As Good As Her Sister Vera Farmiga, Netflix's We Have a Ghost (2023) Ending Explained. Pai joined Enron in 1987, when it was just a regional energy supplier. The most popular models were the M5s and the M3s -- "the fast cars," Wickman says. Pai was later cast in news reports as a symbol of Enrons excess, with an alleged fondness for corporate jets and strip clubs. Within a decade, both Enron and Lou Pai were rising stars. 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. As the companyunraveled, it was forced to write off more than $1 billion of failed investments, disclosemajor losses in shareholder equity because of dealings with affiliated partnerships andrestate years of earnings. It was a mess that got even messier when the affair resulted in a pregnancy. "Unfortunately, yes," responded Delainey. Pai obtained both his BS and MS from the University of Maryland in College Park, where his father was a math professor. 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 convicted by a Houston jury in 2006 of conspiracy, securities fraud, making false statements to auditors and insider trading. 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. 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. And before all three men -- Skilling, Fastow and Kopper -- bought new properties, tore down the existing structures, and started building their dream houses. 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. Lovely Mimi New Boyfriend Bio, Wiki, Age, Arrest, Husband, Divorce, Kids Net Worth. "That's what any lawyer would advise. 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. Lou Pai: The Only Guy Whos Ever Been Lucky to Get Divorced, the only guy whos ever been lucky to get divorced.. So he then married Melanie and she quit her . It wasn't enough for former Enron president Jeffrey Skilling to hike in the Rockies, he wanted to scale glaciers in Patagonia. Following a dinner in New York City, the Enron team flew on to Boston -- everyone, that is, except Greg Whalley, the company's soon-to-be president, who had announced he was returning to Houston. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. What Enron was, though, was a good corporate citizen, one that spread its money throughout the city. Sign up to receive our content. But he also didn't testify, after threatening to plead the Fifth. Unfortunately, the implementation of EES' ambitious goals turned out to be a huge disaster. 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. As mentioned earlier, Pai loved strippers and frequented strip clubs, which eventually led to an affair with a stripper, Melanie Fewellwho he impregnated. Barred from serving as an Officer or Director of a heart attack on July 5 2006... Company website, and wed an exotic dancer Lou was born in Nanjing,,. Services division, and they knew it melanie fewell lou pai wife Law Ends, andnowteaches at New York University Law.! 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