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as well as M.S. Photographer: F. Carter Smith/Bloomberg(BLOOMBERG NEWS/F. And Wickman -- like so many Houstonians -- just can't understand what happened in his town. After finding this out, Lou's then-wife of over 20 years of marriage, filed for divorce. So where's Whalley? Baxter adored boats. His neighbors reportedly referred to the ranch as "Mount Pai". It wasn't enough for Lay to have one house in Aspen, he had to have four. Nor will some other highly colorful players in the Enron saga show their faces inside the courtroom. 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. "I'll cover it off with the reserves." His wife, upon finding out about it, filed for divorce. He left Enron with over $250 million. She has a son namedKyle and a daughter named Natalie Pai. Pai obtained both his BS and MS from the University of Maryland in College Park, where his father was a math professor. They also frequently made their way over to Advantage BMW. They later moved from Sugar Land, Texas, to Middleburg, Virginia, and opened a second Canaan Ranch there, but as of 2014, it is up for sale. 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. Follow peoplewithfame. The top 5 percent could expect to be invited to Mexico or Aspen with Skilling. 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. 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 sister is Sue Pai Yang, the first Asian American appointed to be a New Jersey Workers' Compensation judge. As the attorney for one former Enron executive put it: "He ain't getting within a thousand miles of the courtroom.". To meet his divorce settlement, he cashed out of Enron to an amount believed to be around $300 million just before the collapse. 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. And, save for the Lays, few seemed to make much of an effort to be at the right parties or balls. 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. (Creative Commons and flickr.com/people/eflon//Eflon). Lou Lung Pai ( Chinese: ; pinyin: Bi Lulng) (born 23 June 1947) is a Chinese-American businessman and former Enron executive. 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. "Exhilarating," "freewheeling," "innovative," in the words of one 30-year-old who leaped three titles in three years. That was June of 2001. Two months later, on August 15, 2001, Enron's share price sunk to $42. Well, considering what happened next, I don't really think you can believe Karma had any impact on Lou Pai. It was quite a ride they took, Enron's top brass. His father was a math professor at the University of Maryland, Collage Park, where Lou would eventually earn both a B.S. She is now known as Melanie Pai. Video Lou Pai. Jan 2008 - Jun 20124 years 6 months. He also bought a ranch in suburban Houston for his second wife, Melanie Fewell Pai, and . View Melanie Pai's profile on LinkedIn, the world's largest professional community. Not only that, around this same time Enron had just about reached their limit of Lou's strip club expenses and the secret disaster that EES had become. 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. But he almost certainly won't. Meanwhile, McMahon has gone about his life, landing in 2004 as president of a Houston company called Zilkha Biomass Energy, a renewable-energy outfit. It was a mess that got even messier when the affair resulted in a pregnancy. He also testified that in October 2001 he and Whalley were having a drink when the topic of the buried losses came up. As the company grew and took on ever riskier propositions, the strain showed inside the building. Lou has a net worth of $270 million as of 2021. EES wanted to create an alternative private sector option that allowed consumers to buy energy on the free market, direct from a utility. Morningstar, Inc. All Rights Reserved. Cable News Network. Ken Rice -- another top Enron executive -- adored Ferraris. And the outcomes were brutal. 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. It saddens Walker that it's in a crate and not being seen. Required fields are marked *. Dana Carvey Net Worth : How Rich Is The American Comedian In 2023? Lou Pai is a Chinese-American businessman and mathematical genius who has a net worth of $200 million. Together, with their newborn child, the couple moved to Colorado where Lou became the second largest land. Lou Pai was a recluse. 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. I've never been in a Chapter 11 situation before. 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. Pais resignation from Enron and his reasons for doing so remain shrouded in mystery. Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. Further, she completed her graduation in management and finance from the University of Tulsa. And not a few hundred dollars, not a few thousand, not a few million, but HUNDREDS of MILLIONS of dollars??? He didn't admit wrongdoing, and he wasn't charged criminally. Pai came to the United States aged two years. Meanwhile, Lou married his stripper girlfriend, now known as Melanie Miller Pai. Where are the untouchable vigilantes out there? "They knew exactly what they wanted," says Wickman, whose son still works for Enron as a trader. 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? "Yeah, that was a little dirty," Delainey says Whalley remarked. "That's what any lawyer would advise. He allegedly would bring the strippers up to lavish Enron offices where they would continue the party late into the night. One such woman who is famously known for being a businessman's wife but has led her way inmaking her own identity isMelanie Pai. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. 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. Photographer: F. Carter Smith/Bloomberg, Gray Davis speaks at an anti-recall rally in San Jose, California, in 2003. The name Enron is still invokedin shorthandlike Theranos,Madoff or Lehmana full two decades after its public ruin. Pai and Fewell raised and trained dressage horses on Canaan Ranch, located near metropolitan Houston. Why did this happen? Claiming that he needed the money to fund his divorce, Pai sold the entirety of his shares of Enron ownership. Fewell married.Pai and his current wife operated Canaan Ranch, located near . "They wanted the work to be contemporary and adventurous -- the work was supposed to reflect Enron's culture," Walker says. Here are some interesting facts and body measurements you should know about Lou Pai. To satisfy the financial . He was indicted in 2004 by a grand jury for his role in wide-ranging schemes to defraud the public and accused by regulators of reaping more than $90 million in ill-gotten gains from selling stock. 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. See the complete profile on LinkedIn and discover Melanie's . While his other business ventures have been limited, mainly consisting of scattered investment in pollution emissions and a small energy company, Pai managed to come out of the Enron scandal relatively unscathed. 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. rollings.us. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. "The worst people could say of him was that he didn't manage EES well, and I'm not sure that's true. We will update this section once this information is available. 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. Enron had to have two. 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. 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. Lou has a net worth of $270 million as of 2021. On cross-examination, Skilling attorney Daniel Petrocelli asked: "So I guess what you're saying is that all these people were in on this massive fraud, right?". Delainey recalled objecting to a plan to hide hundreds of millions of dollars in losses, at a meeting of executives. "And it was fun because it took about two minutes to do a deal.". Copyright 2023 DotComStories | Powered by Astra WordPress Theme, https://dotcomstories.com/author/divesh-solanki/. Sherron Watkins, Enrons former Vice President of Corporate Development. Pai and Fewell married, after the divorce. Upon learning of the affair, Pai's then-wife of over 20 years Lanna, with whom he has two children, filed for divorce. 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). Or purchase a subscription for unlimited access to real news you can count on. Rebecca Mark, who built Enrons water business. 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. The Country should be outraged at what he and Lana Lee (Pai) have pulled off. Lou Pai's Wife & Children. 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. iGas Mandate; Vision and Mission; Company Structure. Basic Organizational Forms: A SecondLook, Learning from the Past- Structural Changes overTime. 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. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. "He's the only guy who's ever been lucky to get divorced," says Deborah Jeffrey of Zuckerman Spaeder, Pai's Washington attorney. 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. These two couples are living now inMiddleburg, Virginia. 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. To stabilize the situation, he authorized the state to buy expensive power contracts that were paid off by customers over 20 years. His frequent visits to strip clubs led to an affair with a stripper. 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. Photographer: F. Carter Smith/Bloomberg(Bloomberg News/F. By November 28, 2001, Enron's share price dropped all the way down to $1. Skilling put Pai in charge of multiple Enron subsidiaries during his Enron career. under which this service is provided to you. 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 was probably hard to do because at the time, Enron was absolutely kicking ass as a company and as a stock. FEEDBACK bmclean@fortunemail.com and pelkind@fortunemail.com. Mar 28, 2009. It led to an affair with stripper Melanie Fewell (who was also married) and resulted in a pregnancy. 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. and/or its affiliates. Pai was CEO of the EES (Enron Energy Services) subsidiary from March 1997 until May 2001. Kopper lived a few blocks away in a cottage he eventually remodeled to have an almost Japanese-style look, the house taupe in color, with a gray roof. and a M.S. News, 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. Skilling had a yen for travel adventures. He also received enormous grants of valuable Enron stock. 2023 Celebrity Net Worth / All Rights Reserved. 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. mile ranch. Lou eventually became one of Enron CEO Jeff Skilling's most trusted and highest ranking executives. 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. Lips on the walls. 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. During a three week period between May 18 and June 7 of 2001, Lou sold off every single share he had ever been granted. According to the wiki, she marriedLou Lung Paiin 2001 and is still going strong. Staff researcher Lynn Davis contributed to this story. There have been no reports of him being sick or having any health-related issues. And more importantly, how much did his wife get? Pai has kept a low profile ever since leaving Enron. You won't see him hanging around the courthouse. 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. 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. 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. Ken Lay sold off $90 million worth of stock during this period. It's critical to acknowledge and appreciate the accomplishments of womenand to provide them the same opportunity as men to follow their interests. So how did Lou prove his identity? Pai and Fewell together operated Canaan Ranch, located near metropolitan Houston, where they raised and trained dressage horses. . $280 million. 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. And former chief financial officer Andrew Fastow, who loved art, wanted Enron's corporate collection to rival any business's. This is new territory for me.". So I guess technically he voluntary gave up the $30 million, but he did it to avoid further suits or prosecution. 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