"And it was fun because it took about two minutes to do a deal.". All rights reserved. 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. 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. "Don't worry about it," Whalley responded, according to Fastow's testimony. After the divorce, Pai and Fewell married. Pai was born in Nanjing, China and came to the US at the age of 2. The objective is to create an environment that supports women in making the best decisions for them, free from prejudice or societal expectations. At the time Lou joined Enron, the company was still a mid-sized, regional energy supplier. $280 million. 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. CARTER SMITH). Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. Another time, it was off-road racing in Land Cruisers in the Australian outback. Lou Lung Pai ( Chinese: ; pinyin: Bi Lulng) (born 23 June 1947) is a Chinese-American businessman and former Enron executive. (Lockyer later apologized for the remarks.) Richard Kinder, Lays college friendwho helped build Enron. The most popular models were the M5s and the M3s -- "the fast cars," Wickman says. Home; About Us. Bloomberg Its been 20 years, to the day, sinceEnron Corp.filed for bankruptcy,marking one of the most spectacular financial collapses in history and forever cementing its legacyas the poster childof corporate fraud. 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. If only all of Enron's former executives could recycle their reputations. View Melanie Pai's profile on LinkedIn, the world's largest professional community. At this point, Lou Pai must have felt like he woke up in a nightmare. Fastow is a big patron of the arts (and his wife, Lea, comes from a well-known local family), but even before Enron self-destructed, they were not often visible on the social scene. It led to an affair with stripper Melanie Fewell (who was also married) and resulted in a pregnancy. The Stray Season 2 - Is It Renewed Or Cancelled? (The government has ruthlessly narrowed its case, never calling two witnesses when one might do.). 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. Bigger houses, better boats, new wives. Pais resignation from Enron and his reasons for doing so remain shrouded in mystery. 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.". Actually, Lou Pai's penchant for strip clubs wasn't a reputation, it was a legend. The neighborhood where the rich live in Houston. as well as M.S. "Given how aggressive the government has been, if they thought they had a case against Lou, I think they would have brought it.". Davis Stumps Across CalfiorniaGray Davis speaks at an anti-recall rally in San Jose, California, in 2003. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. Famie -- the chef from "Survivor II" -- taped an episode of his Food Network show "Keith Famie's Adventures" on a Baja trip with Haines (the episode airs today). Watkins is now executive in residence at the McCoy College of Business at Texas State University and teaches a course at UNCs Kenan-Flagler Business School, she told Bloomberg News. . 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. Mark was also lucky. James Fallows. Her name has hardly been uttered during the trial. 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. You won't see him hanging around the courthouse. To satisfy the financial . Photographer: David McNew/Getty Images North America, (Photographer: David McNew/Getty /David McNew), Joe Bidens Immigration Reforms Deserve a Chance to Work, US Teens Feel Down, But the Adults Arent All Right Either, Donald Trumps Border Wall Settles Into a Strange, Costly Afterlife, North Americas Three Amigos Are Off-Key, A Masayoshi Son Buyout of SoftBank Would Look More Like Elon Musk Than Michael Dell. 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. Ultimately Pai settled out of court with the SEC and deposited 31.5 million in a fund to aid the shareholders harmed by the Enron scandal; forfeiting far less than what he gained from his time in Enron. 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. Well, considering what happened next, I don't really think you can believe Karma had any impact on Lou Pai. And before all three men -- Skilling, Fastow and Kopper -- bought new properties, tore down the existing structures, and started building their dream houses. 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 and Fewell raised and trained dressage horses on Canaan Ranch, located near metropolitan Houston. "Lou would prefer not to be a witness," says Jeffrey. 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. 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. Pai, a mathematician and child of Chinese immigrants, was in charge of creating the market model for natural gas deregulation. 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. Prosecutors never viewed Mark, whom Skilling finally pushed out in August of 2000, as a target. 2021 . Who Is Lou Pai's Wife, Melanie Fewell? I bet those guys would get along very well. Baxter adored boats. He appears to be quite tall in stature if his photos, relative to his surroundings, are anything to go by. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. Most stock quote data provided by BATS. He didnt admit wrongdoing, and he wasnt charged criminally. The gas bank, as it became known, reduced Enrons own exposure to fluctuating prices and spurred its growth through the 1990s. It is one of the largest settlements in the history of the SEC's enforcement program dealing with an individual for alleged insider trading. His wife, upon finding out about it, filed for divorce. "Not taking income when you should is just as wrong as taking income when you shouldn't," Whalley remarked, according to Glisan. 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 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. 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. Mar 28, 2009. and M.S. All rights reserved. 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. Pai sold out approximately $250 million of his Enron stock to satisfy the financial terms of his divorce settlement. 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. 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. and M.S. Lou has a net worth of $270 million as of 2021. 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. The employees and retirees lost a great deal of their pension and benefits. His prison sentence of 24 years was eventually reduced, and he left prison in 2019. Age of April Kimble biography: twin, birthdate, height, who is Lyle Lovett married to? 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. It was a mess that got even messier when the affair resulted in a pregnancy. Marshals to the Bob Casey Federal Courthouse in Houston, Texas, in 2006. "If I met with investors, if I came to Boston, I'd have to lie too much," Whalley responded, according to Fastow. 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. Received payments from . The pair is now raising thoroughbreds in Houston and is regarded as a member of the local neighbourhood. They saw him not only as honest, but as someone who could right the wrongs at Enron. One theme of the prosecution has been the abymsal state of both Enron's international assets and its water business, Azurix. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Does Internet Increase, Decrease, or Supplement SocialCapital? His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. 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. Fewell married.Pai and his current wife operated Canaan Ranch, located near . 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 neighbors reportedly referred to the ranch as "Mount Pai". And in Aspen, Colo., two of the four properties once owned by former Enron chairman Ken Lay are under contract -- one a "cottage" that sold for $10 million, which works out to an Aspen real estate record $3,330 per square foot. By pleading the 5th Pai has kept himself from testifying in the trials of other Enron executives, and has avoided being charged himself. 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