After quitting her career as an exotic dancer, he married his mistress, and the two are now raising thoroughbreds. Lou Pai liked to indulge his second wife (whom he met in a strip club) and her passion for fine horses. 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. [, On July 30, 2008, Pai agreed to resolve the civil. Rebecca Mark, who built Enrons water business. So he then married Melanieand she quit her job as an exotic dancer. BTW.that $30 mil.was paid by Enrons Director / Officer liability policy..it cost Pai , nothing! Claiming that he needed the money to fund his divorce, Pai sold the entirety of his shares of Enron ownership. She has remarried and now goes by the name Rebecca Mark-Jusbasche. 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. But things went off the rails asexecutives put together obscure financial instruments that ultimately became ticking time bombs. Because strippers are absolute Zen masters when it comes to extracting money from men. By November 28, 2001, Enron's share price dropped all the way down to $1. They were a bowling ball that knocked down a lot of bowling pins.. 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. Upon learning of the affair, Pai's then-wife of over 20 years Lanna, with whom he has two children, filed for divorce. He also exercised several hundred thousand Enron options. A WarnerMedia Company. iGas Mandate; Vision and Mission; Company Structure. 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. He admitted no wrong doing and never spent a moment in handcuffs. The Fast Track The trip was to Mexico, to race motorcycles in the famed Baja 1000. Create a free website or blog at WordPress.com. Received payments from . Pai was born in Nanjing, China and came to the US at the age of 2. Lou {Full name Lou Lung Pai (Chinese: ; pinyin: Bi Lulng)} is a Chinese-American businessman and former Enron executive. Pai obtained both his B.S. 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? He was notorious for his. I bet those guys would get along very well. Another time, it was off-road racing in Land Cruisers in the Australian outback. 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. [3] document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Did Pai voluntarily offer over $30 million to help shareholders negatively impacted by the Enron scandal or was this court-mandated? His wife, upon finding out about it, filed for divorce. He wrote a book about that probe, Where Law Ends, andnowteaches at New York University Law School. Super Capron Funk age: biography, Wiki, age, height, family, parents, net worth, Share This Post On WhatsApp, Facebook, Twitter, Instagram & Telegram. 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. As owner of the Taylor Ranch, Pai owned a 14,047 foot, Pai is currently investing in pollution emission credits at Element Markets, LLC. During his time at the now-defunct energy company, Pai was often referred to as "the . Or purchase a subscription for unlimited access to real news you can count on. 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. Pai was born in Nanjing, China and came to the United States at the age of two. This is the crazy part: Prosecutors never viewed Mark, whom Skilling finally pushed out in August of 2000, as a target. Accounts of the Enron scandal have frequently portrayed him as a mysterious figure; a former Enron employee, interviewed in the 2005 do*entary film Enron: The Smartest Guys in the Room, referred to Pai as "the invisible CEO". He was close to Skilling, he ran the controversial Enron Energy Services division, and he netted a mind-blowing fortune from Enron stock. [2] Create an account to follow your favorite communities and start taking part in conversations. Natalie Pai isa rising star in dressage andthe youngest competitor in history to bring two horsesto compete at the Festival of Champions. The top 5 percent could expect to be invited to Mexico or Aspen with Skilling. Dana Carvey Net Worth : How Rich Is The American Comedian In 2023? Lou eventually became one of Enron CEO Jeff Skilling's most trusted and highest ranking executives. (The government has ruthlessly narrowed its case, never calling two witnesses when one might do.). You won't see him hanging around the courthouse. Your email address will not be published. News, To stabilize the situation, he authorized the state to buy expensive power contracts that were paid off by customers over 20 years. She and her husband have operated Canaan Ranch together and used to train and raise dressage horses. 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. At Advantage BMW, a popular Houston shopping spot for high-end Enron employees, Cliff Baxter's name was removed -- by his request, before his suicide -- from the waiting list for a coveted 745 luxury sedan. Will the law of limited variety stand the test of time and changingenvironments? There have been no reports of him being sick or having any health-related issues. One of the lucky few Enron executives to escape without criminal prosecution, Lou Pai has been referred to as the only guy whos ever been lucky to get divorced. Why was Lou Pai so lucky to get divorced? Lou Pai: The Only Guy Whos Ever Been Lucky to Get Divorced, the only guy whos ever been lucky to get divorced.. 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. Who Is Lou Pai's Wife, Melanie Fewell? 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. Extremely introverted. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. He now works in Houston for another ex-Enron hotshot, John Arnold, who started a hedge fund after Enron's collapse. CARTER SMITH). In order to pay the costly financial terms of his divorce settlement, Lou Pai was forced to cash out 100% of his Enron stock. As part of the settlement, Lou Pai was barred from serving as an officer of a public company for five years. 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. (, NBA confirms L.A. Clippers sale to ex-Microsoft CEO Steve Ballmer, FBI and SEC probe into Carl Icahn and golfer Phil Mickelson, Skilling sentence likely to be a long one, JPMorgan dramatically slashes Tesla's stock price forecast, Greece is finally done with its epic bailout binge, Europe is preparing another crackdown on Big Tech, SoftBank and Toyota want driverless cars to change the world, Barnes & Noble stock soars 20% as it explores a sale, Why it's time for investors to go on the defense. 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. Nor will some other highly colorful players in the Enron saga show their faces inside the courtroom. One theme of the prosecution has been the abymsal state of both Enron's international assets and its water business, Azurix. With a partner, Kinder went on to formhis ownenergy company. Skilling lived in a simple, square brick house with his wife and three children. 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. According to the wiki, she married Lou Lung Pai in 2001 and is still going strong. 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. He died of a heart attack on July 5, 2006, before his sentencing. After their child was born they moved to Colorado and there Lou turned the second largest landholder after buying a 120 sq. as well as 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. Lay loved real estate ventures. He also had a legendary fondness for strippers, and was a frequent habitue of a Houston topless club called Rick's Cabaret. 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. Required fields are marked *. Do Not Sell. 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. Between all of the various subsidiaries of Enron that Lou Pai ran, his tenure resulted in over $1 billion in losses. 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. Some pieces, he says, were never delivered, and remain at different galleries and studios. Davis, a Democrat, blamed Enron for gaming Californias power market and contributing to the blackouts that roiled the state. He was convicted by a Houston jury in 2006 of conspiracy, securities fraud, making false statements to auditors and insider trading. But it sure isn't fraud," says Jeffrey. He said that Whalley responded by shoving his chair back from the table, seemingly in exasperation. 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. It saddens Walker that it's in a crate and not being seen. Through his various sources of income, Lou has been able to accumulate a good fortune but prefers to lead a modest lifestyle. 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. She has dark black hair and light brown eye and fair skin. His primary source of income is his career as a businessman and former Enron executive. Privacy Policy. "The worst people could say of him. Lou worked for the federal government in the 1970s before joining Enron. And not a few hundred dollars, not a few thousand, not a few million, but HUNDREDS of MILLIONS of dollars??? Keep supporting great journalism by turning off your ad blocker. 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 wasn't enough for Lay to have one house in Aspen, he had to have four. Gov. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. 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. Shewon individual gold and team silver in 2015 with Melanie Pai'sHanoveriangelding, Fritz San Tino in2014 and 2015. The reasons for his resignation from Enron remain shrouded in mystery. How much money did Lou Pai finally wind up with? 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. A former Enron employee referred to Pai as the invisible CEO when he was interviewed in the 2005 documentary film Enron: The Smartest Guys in the Room. Melanie Fewell, Lou Pai's wife and a former stripper, is well-known for having wed the former Enron executive Lou Pai. 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. In a move that the SEC questioned as actually a result of insider information, Pai netted himself somewhere around 300 million dollars. Davis Stumps Across CalfiorniaGray Davis speaks at an anti-recall rally in San Jose, California, in 2003. If ever there were a juicy government target, Lou Lung Pai would seem to be it. In some Houston circles, the room is referred to, simply, as the Lip Room. His wife, Lea, also worked at Enron, where she was an assistant treasurer; she was sentenced to a year in prison. Another, named Pay N Go, had previously been summoned by Paul McCartney to perform at his wife's funeral in New York. Apr 3, 2006 - Where, for example, is Lou Pai, the enigmatic Jeff Skilling confidant. Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. and M.S. 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. He allegedly would bring the strippers up to lavish Enron offices where they would continue the party late into the night. Carter Smith). Pais resignation from Enron and his reasons for doing so remain shrouded in mystery. Skilling couldnt be reached, and his lawyer didnt immediately return messages seeking comment. rollings.us. Pai's Colorado ranchland included the 14,047-foot mountain Culebra Peak. Here, young Ivy Leaguers believed they could reinvent not just the energy business but the American business model, the whole U.S. economy. As the company grew and took on ever riskier propositions, the strain showed inside the building. 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. "Not taking income when you should is just as wrong as taking income when you shouldn't," Whalley remarked, according to Glisan. Andrew Weissmann, former federal prosecutor who led the investigating task force. Pai, a mathematician and child of Chinese immigrants, was in charge of creating the market model for natural gas deregulation. He walked away just below the peak of Enron's stock price with an estimated. 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. That is.inside the office. It was quite a ride they took, Enron's top brass. Delainey recalled objecting to a plan to hide hundreds of millions of dollars in losses, at a meeting of executives. 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. And the outcomes were brutal. Glisan said Whalley knew it was wrong to be using reserves as an earnings-management cookie jar. Hes not currently listed among the executives on the company website, and attempts to reach him were unsuccessful. 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