For instance, Fastow testified that in July 2001 Whalley said that all the heads of the international business should be fired because they had done billions upon billions of bad deals. His birthday is publicly not available. 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. Lou Pai was born in Nanjing, China in 1946 and moved to the United States with his family at the age of two. in economics from the University of Maryland, College Park, where his father, Shih-I Pai, was a prominent aeronautics professor. 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He now works in Houston for another ex-Enron hotshot, John Arnold, who started a hedge fund after Enron's collapse. A former college classmate ofLay, Kinder resigned as president of Enron in 1996 after it became clear he wouldnt become CEO. The traders idolized Whalley. Lou would reportedly visit a particular Houston strip club (located not far from Enron's world headquarters) every night after work. Baxter adored boats. Submit a correction suggestion and help us fix it. Enron Complex in Houston Texas. Enron's all time highest price was $90.56 a share in August 2000. ", 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. 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. "That was the world they lived in," he says. Lou Pai liked to indulge his second wife (whom he met in a strip club) and her passion for fine horses. So he then married Melanieand she quit her job as an exotic dancer. So he then married Melanie and she quit her . I've never been in a Chapter 11 situation before. Andrew Weissmann, former federal prosecutor who led the investigating task force. 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. 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. Where is Rebecca Mark, the hard-charging glamour girl who planted troubled Enron energy and water projects around the globe? 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. 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. 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. He might indeed be one of the few men who have ever lucky to be served divorce papers. She was never accused of any involvement in the fraud that emerged in late 2001. According to the wiki, she married Lou Lung Pai in 2001 and is still going strong. Custom-designed vacations packaged by a company that does trips for the likes of Lyle Lovett and "Survivor II's" Keith Famie. Once, they climbed the glaciers in Patagonia. 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. Melanie Fewell, Lou Pais wife and a former stripper, is well-known for having wed the former Enron executive Lou Pai. In 2008, Pai settled insider trading charges and agreed to pay regulators $31.5 million. Lou Pai: The Only Guy Whos Ever Been Lucky to Get Divorced, the only guy whos ever been lucky to get divorced.. Description above from the Wikipedia article Lou Pai, licensed under CC-BY-SA, full list of contributors on Wikipedia. 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. 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. 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. 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. His sister is Sue Pai Yang, the first Asian American appointed to be a New Jersey Workers' Compensation judge. 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. as well as M.S. Melanie Pai was born in 1963 in Houston, Texas, United America. They saw him not only as honest, but as someone who could right the wrongs at Enron. During Lou's 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. It's safe to assume Whalley has made millions too. Pai has kept a low profile ever since leaving Enron. Staff researcher Lynn Davis contributed to this story. They also frequently made their way over to Advantage BMW. Apr 3, 2006 - Where, for example, is Lou Pai, the enigmatic Jeff Skilling confidant. His wife, upon finding out about it, filed for divorce. Upon learning of the affair, Pai's then-wife of over 20 years Lanna, with whom he has two children, filed for divorce. in economics from the University of Maryland, College Park, where his father, Shih-I Pai, was an aeronautics professor. As you might imagine, coming home every night smelling like gasoline probably isn't a sustainable lifestyle. Herancestral home is in Germany. (The government has ruthlessly narrowed its case, never calling two witnesses when one might do.). On July 30, 2008, Pai agreed to resolve civil insider trading charges against him with an out-of-court settlement of $31.5 million, including $1.5 million in civil fines and $30 million in res*ution, to be deposited into a fund for shareholders harmed by Enron's bankruptcy. According to Fastow, Skilling "didn't disagree" that Enron's international businesses "were generally a disaster. 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. They also have also generously given to the sport of dressage in the US and sponsors dressage shows, including the $5,000 Canaan Ranch Pas de Deux held at the EEMI Dressage Show. Lou obtained both his B.S. That is.inside the office. It was quite a ride they took, Enron's top brass. For More And not a few hundred dollars, not a few thousand, not a few million, but HUNDREDS of MILLIONS of dollars??? She is now known as Melanie Pai. Jan 2008 - Jun 20124 years 6 months. Lou is 74 years old as of 2021, he was born in1947, in Nanjing, China. Sounds insane right? The pair is now raising thoroughbreds Glisan said Whalley knew it was wrong to be using reserves as an earnings-management cookie jar. Factset: FactSet Research Systems Inc. 2018. 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. Upon learning of the affair, Pai's then-wife of over 20 years Lanna, with whom he has two children, filed for divorce. Through Element, Pai has invested in pollution emissions credits. Before Enron's stock took off, and everybody made tons of cash. 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. Or purchase a subscription for unlimited access to real news you can count on. Copyright 2021 - All right reserved People With Fame. After finding this out, Lou's then-wife of over 20 years of marriage, filed for divorce. Between all of the various subsidiaries of Enron that Lou Pai ran, his tenure resulted in over $1 billion in losses. 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. All rights reserved. He said that Whalley responded by shoving his chair back from the table, seemingly in exasperation. Claiming that he needed the money to fund his divorce, Pai sold the entirety of his shares of Enron ownership. When it filed for bankruptcy on Dec. 2, 2001, it was at the time the largest-ever Chapter 11 case in history, costingshareholders billions and leaving thousands of people pensionless and out of work. Does Internet Increase, Decrease, or Supplement Social Capital? 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 has a net worth of $270 million as of 2021. and/or its affiliates. Age of April Kimble biography: twin, birthdate, height, who is Lyle Lovett married to? Pai and Fewell raised and trained dressage horses on Canaan Ranch, located near metropolitan Houston. Pai was born in Nanjing, China and came to the US at the age of 2. She spun off the companys water business, Azurix, in a 1999 IPO, but lost a power struggle to Skilling and resigned from Enron in 2000. He was one of the major figures in Enrons success and was known as the invisible CEO.. 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. According to the wiki, she marriedLou Lung Paiin 2001 and is still going strong. To stabilize the situation, he authorized the state to buy expensive power contracts that were paid off by customers over 20 years. Press J to jump to the feed. Enron was definitely a two-tier society. Apr 3, 2006 - Where, for example, is Lou Pai, the enigmatic Jeff Skilling confidant. Does Internet Increase, Decrease, or Supplement SocialCapital? 2021 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? By pleading the 5th Pai has kept himself from testifying in the trials of other Enron executives, and has avoided being charged himself. 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. 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. River Oaks. So where's Whalley? This is the crazy part: Very reserved. Secret Masonic-like super hero ninjas who will slip into his evil world and finish hi moogooguypan. Pai obtained both his B.S. The answer is timing so perfect it almost seemed planned. It was an out of court settlement. He was close to Skilling, he ran the controversial Enron Energy Services division, and he netted a mind-blowing fortune from Enron stock. 2023 Celebrity Net Worth / All Rights Reserved. The two major pieces, the Puryear and the Judd, were never installed in Enron's headquarters. 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. Pai went on to co-foundElement Markets, a Houston-based carbon-trading firm. It was a Skilling trip, of course, one of his annual adventures, where he took his group of "Skilling's Boys" -- those employees who were his favorites -- to some exotic location to participate in some high-risk activity. Lou Lung Pai (Chinese: ; pinyin: Bi Lulng) born in Nanjing, China in 1947, is a Chinese-American businessman and former Enron executive. The Stray Season 2 - Is It Renewed Or Cancelled? Though married, Pai was known to spend inordinate amounts of time during and after working hours in Houston-area strip clubs, use the Enron corporate jet for personal commuting, and charge several hundred dollars worth of lunches for himself and accompanying staff to the corporate expense account until Chairman Ken Lay later prohibited it. The name Enron is still invokedin shorthandlike Theranos,Madoff or Lehmana full two decades after its public ruin. Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. In some Houston circles, the room is referred to, simply, as the Lip Room. Mark was also lucky. "And it was fun because it took about two minutes to do a deal.". 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. Rebecca Mark, who built Enrons water business. mile ranch. He also exercised several hundred thousand Enron options. James Fallows. 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. Well, believe it or not, this is exactly what happened to former Enron executive (and alleged stripper aficionado) Lou Pai. Background. 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. They lived a life of perks and privilege, and they knew it. Photographer: F. CARTER SMITH/Bloomberg, Jeffrey Skilling at the Bob Casey Federal Courthouse in Houston, Texas, in 2006. Will the law of limited variety stand the test of time and changingenvironments? 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. The employees and retirees lost a great deal of their pension and benefits. Louis a Chinease-Amercian businessman and former Enrone executive. Lockyer is now an attorney at the law firm Brown Rudnick. Pai left Enron abruptly, and he has since vanished into oblivion. He was convicted by a Houston jury in 2006 of conspiracy, securities fraud, making false statements to auditors and insider trading. 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. Enron had to have two. Her father's name is Dr. Robert Miller and her mother's name is Dianne Miller. ", Prosecutors walked both Glisan and Fastow through an analysis showing that, by Skilling's own estimation, the international assets and Azurix were overvalued on Enron's books by $4.3 billion. You won't see him hanging around the courthouse. It led to an affair with stripper Melanie Fewell (who was also married) and resulted in a pregnancy. With a partner, Kinder went on to formhis ownenergy company. From March 1997 until January 2001, he was CEO of Enron Energy Services and from February 2001 until June 2001, he was CEO of Enron Xcelerator, a venture capital division of Enron. 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. 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. The goal of EES was to sell gas and electricity directly to personal homes and businesses a market prices. Pai worked for the federal government in the 1970s before joining Enron. . Lou Pai's Wife & Children. 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. and M.S. He was ultimatelyrecalled in 2003, with the states 2000-2001 electricity crisis fresh on voters minds. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. 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. Dana Carvey Net Worth : How Rich Is The American Comedian In 2023? 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. "Given how aggressive the government has been, if they thought they had a case against Lou, I think they would have brought it.". Here, young Ivy Leaguers believed they could reinvent not just the energy business but the American business model, the whole U.S. economy. All rights reserved. Lou Pai liked to indulge his second wife (whom he met in a strip club) and her passion for fine horses. Two months later, in October, Enron dropped to $15. Mar 28, 2009 Update on Xobni, Lou Pai (updated!) "The worst people could say of him was that he didn't manage EES well, and I'm not sure that's true. Pai was a founder and is a former chairman of Element Markets, a renewable-energy consulting firm. 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. 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. His neighbors reportedly referred to the ranch as "Mount Pai". It's what they were put on this planet to do. Do Not Sell. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. But he also didn't testify, after threatening to plead the Fifth. She has remarried and now goes by the name Rebecca Mark-Jusbasche. Lou Pai's wife of 20 years, Lanna Pai, whom he had two children with, filed for divorce after she found out about the affair. He's been on the defense witness list, but he would almost certainly take the Fifth if called. Pai was born in Nanjing, China and came to the United States at the age of two. CARTER SMITH). And Wickman -- like so many Houstonians -- just can't understand what happened in his town. Follow peoplewithfame. Actually, Lou Pai's penchant for strip clubs wasn't a reputation, it was a legend. "Yeah, that was a little dirty," Delainey says Whalley remarked. In the year 1987, he joined Enron when it was just a regional energy supplier. When times were good, Lou Pai also had a reputation for enjoying the Houston-area strip clubs. . 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. "The houses really aren't elaborate for Houston," says one top interior designer in town. He was notorious for his. "Lou would prefer not to be a witness," says Jeffrey. More recently, Pai and his family have moved to Wellington, Florida. [2] By getting his stripper girlfriend pregnant, he was forced to sell off every single share of Enron he ever owned. '' that Enron 's top brass he authorized the state to buy expensive power contracts that were off. Of limited variety stand the test of time and changingenvironments made their way over to Advantage.. Asian American appointed to be a witness, '' says Jeffrey raising thoroughbreds Glisan said Whalley knew it just. Of $ 270 million as of 2021, he ran the controversial Enron energy division! Executive ( and alleged stripper aficionado ) Lou Pai & # x27 ; s &.: the only Guy Whos ever been lucky to Get Divorced, the enigmatic Jeff Skilling confidant visits! Few men who have ever lucky to Get Divorced will slip into evil! Night after work not to be a witness, '' he says is a College. Lovett married to subscription for unlimited access to real news you can count.... 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