Staff researcher Lynn Davis contributed to this story. Age of April Kimble biography: twin, birthdate, height, who is Lyle Lovett married to? Cable News Network. The most popular models were the M5s and the M3s -- "the fast cars," Wickman says. Disclaimer. View Melanie Fewell results in Texas (TX) including current phone number, address, relatives, background check report, and property record with Whitepages. On the cutting horses her family raised, she spent her formative years riding and honing her barrel racing and cutting skills. The Fast Track The trip was to Mexico, to race motorcycles in the famed Baja 1000. Lou Pai's Wife Forced Him to Sell His $270M Enron Stake 6 Months Before Ponzi Scheme Went BankruptVideo Host: Michael SikandFollow Michael TikTok - http. 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? All of which raises the question: What's happened to the architect of these businesses -- Rebecca Mark, whom FORTUNE named one of the 50 Most Powerful Women in Business in 1998 and 1999? FEEDBACK bmclean@fortunemail.com and pelkind@fortunemail.com. It's for sale now, one of so many gems coated in the ashes of Enron's collapse. 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. Mark was also lucky. Pai was a founder and is a former chairman of Element Markets, a renewable-energy consulting firm. 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. 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. At the time, the price averaged $53.78 per share. 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. When Lou's wife found out about the pregnancy, she filed for divorce. Just months later, Enrons stock prices dramatically collapsed and it filed for bankruptcy protection. All times are ET. Rebecca Mark, who built Enrons water business. According to Bethany McLean's amazing book on the rise and fall of Enron titled "The Smartest Guys in the Room": "Only two things seemed to motivate Lou Pai. So how did Lou prove his identity? One of the horses he bought for her is named Gucci. The pair is now raising thoroughbreds She has dark black hair and light brown eye and fair skin. But he also didn't testify, after threatening to plead the Fifth. 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. Baxter adored boats. He also testified that in October 2001 he and Whalley were having a drink when the topic of the buried losses came up. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. 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. Extremely introverted. According to the wiki, she married Lou Lung Pai in 2001 and is still going strong. And the outcomes were brutal. She also was granted the right to the couple's Houston mansion, a Houston condo and a $3 million house in Hawaii. 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. He died of a heart attack on July 5, 2006, before his sentencing. 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. Apr 3, 2006 - Where, for example, is Lou Pai, the enigmatic Jeff Skilling confidant. That Pai, who was married and had two children, met Melanie Fewell,. It was perfect for Skilling, a man who lives to be on the edge. When you put it all together, Lou Pai is one of the luckiest people on the planet. He wrote a book about that probe, Where Law Ends, andnowteaches at New York University Law School. Herancestral home is in Germany. (In early 2005 she agreed to pay $5.2 million of that to settle her share of a lawsuit brought by former Enron stockholders.). Before Fastow formed his side partnerships, enlisting Kopper's aid, and walked off with a minimum of $30 million. As you might imagine, coming home every night smelling like gasoline probably isn't a sustainable lifestyle. Copyright 2023 DotComStories | Powered by Astra WordPress Theme, https://dotcomstories.com/author/divesh-solanki/. Through Element, Pai has invested in pollution emissions credits. Who Is Lou Pai's Wife, Melanie Fewell? The traders idolized Whalley. They were a bowling ball that knocked down a lot of bowling pins.. It even inspired a limited-run Broadway show. 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?". She was never accused of any involvement in the fraud that emerged in late 2001. Lou Lung Pai (Chinese: . Photographer: David McNew/Getty Images North America(Photographer: David McNew/Getty /David McNew). Pai obtained both his B.S. He also exercised several hundred thousand Enron options. 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. 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. 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. "He's the only guy who's ever been lucky to get divorced," says Deborah Jeffrey of Zuckerman Spaeder, Pai's Washington attorney. This is new territory for me.". 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. Because strippers are absolute Zen masters when it comes to extracting money from men. They have three. By getting his stripper girlfriend pregnant, he was forced to sell off every single share of Enron he ever owned. 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. NowMark-Jusbasche, she invests in energy technology, water and agricultural projects with a focus on sustainable development, according to her LinkedIn profile. 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. For all their money and presence in Houston -- the name on the baseball diamond, the frequent sponsorship of charity events -- most Enron executives weren't really a part of Houston's top society circle. "It was the culture over there -- they were thoroughbreds, bred for speed.". Will the law of limited variety stand the test of time and changingenvironments? 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. These are the homes he's trying to unload now, as he scrambles to pay back multi-millions in debt. 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. They also frequently made their way over to Advantage BMW. 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. 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. It led to an affair with stripper Melanie Fewell (who was also married) and resulted in a pregnancy. Upon learning of the affair, Pai's then-wife of over 20 years Lanna, with whom he has two children, filed for divorce. Some pieces, he says, were never delivered, and remain at different galleries and studios. Photographer: F. Carter Smith/Bloomberg(Bloomberg News/F. 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. His neighbors reportedly referred to the ranch as "Mount Pai". All rights reserved. Skilling put Pai in charge of multiple Enron subsidiaries during his Enron career. Apr 3, 2006 - Where, for example, is Lou Pai, the enigmatic Jeff Skilling confidant. He's been on the defense witness list, but he would almost certainly take the Fifth if called. Lou Pai liked to indulge his second wife (whom he met in a strip club) and her passion for fine horses. Lou has a net worth of $270 million as of 2021. "I'll cover it off with the reserves." Skilling was hired to lead that effortand eventually became CEO of Enron, briefly, before quitting in July 2001 just months after taking the role. He left Enron with over $250 million. Was Karma catching up? Pais resignation from Enron and his reasons for doing so remain shrouded in mystery. mile ranch. 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. Between 1997 and 2001, EES blew through $500 million in operating expenses without ever generating any significant revenues. Claiming that he needed the money to fund his divorce, Pai sold the entirety of his shares of Enron ownership. During his Enron career, Skilling put Pai in charge of multiple Enron subsidiaries. "And it was fun because it took about two minutes to do a deal.". 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. Carter Smith). [, A mathematics wiz, he was instrumental in getting Enron into the trading business. Money, and a peculiar fascination with strippers.". Follow peoplewithfame. But things went off the rails asexecutives put together obscure financial instruments that ultimately became ticking time bombs. I've never been in a Chapter 11 situation before. And eventually, going to strip clubs turned into a full on affair with a stripper named Melanie Fewell. Secret Masonic-like super hero ninjas who will slip into his evil world and finish hi moogooguypan. On the other hand, can you imagine a bizarro-world reality where instead of taking money from you, a stripper actually ended up saving you a bunch of money? 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. Pai left Enron with over $280 million after selling a substantial amount of his shares. And Kopper and his partner William Dodson opted for a postmodern abode -- boxy, all white and beige and glass and hard angles. Pai departed Enron months before it filed for bankruptcy; the reason for his departure is unknown, but he sold out his remaining stock. Pai ran Enrons retail energy unit, arriving at the company after stints at ConocoPhillips and DuPont. At this point, Lou Pai must have felt like he woke up in a nightmare. The South African Gas Development Company. Jan 2008 - Jun 20124 years 6 months. "Given how aggressive the government has been, if they thought they had a case against Lou, I think they would have brought it.". 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. He would conduct meetings at the strip club and treat the top performing salesman with wild back room parties that were all funded by his Enron corporate expense account. That was June of 2001. Lou is a Chinease-Amercian businessman and former Enrone executive. 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. She pursuedher basic and secondary education at Westminister Christian Academy which wasnearby her residence. Heres a look at some of the prominent players in the scandalboth fallen executives and those who investigated themand where they are now: Kenneth Lay, founder, former chairman and CEO, No title providedKenneth Lay outside the Bob Casey Federal Courthouse in Houston, Texas, in 2006. Find out who you might see at the Enron trial, how they got involved, and what they're doing now. Hes not currently listed among the executives on the company website, and attempts to reach him were unsuccessful. The pair is now raising thoroughbreds in Houston and is regarded Read More $280 million. Photographer: F. CARTER SMITH/Bloomberg(BLOOMBERG NEWS/F. I bet those guys would get along very well. Home; About Us. Her father's name is Dr. Robert Miller and her mother's name is Dianne Miller. It is one of the largest settlements in the history of the SEC's enforcement program dealing with an individual for alleged insider trading. Sign up to receive our content. You won't see him hanging around the courthouse. At the time Lou joined Enron, the company was still a mid-sized, regional energy supplier. Enron Complex in Houston Texas. Pai obtained his Bachelor of Science Degree and Master of Science Degree in economics from the University of Maryland, College Park where his father was a professor. Fastow is building something that looks like a country manor, almost Tudor-ish. 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. As legend has it, the strippers didn't believe such a mild mannered, almost meek, person was actually a powerful energy CEO. The Stray Season 2 - Is It Renewed Or Cancelled? 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. Pai was born in Nanjing, China and came to the US at the age of 2. 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. 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. The reasons we probably won't be seeing these people as witnesses -- let alone as criminal defendants -- range from legal strategy to simple luck. Few people have ridden the Enron roller coaster quite like 45-year-old Jeff McMahon. "They knew exactly what they wanted," says Wickman, whose son still works for Enron as a trader. 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. The one he's keeping? As long as they stay in the shadows they are. Pai went on to co-foundElement Markets, a Houston-based carbon-trading firm. Once again, all in the same neighborhood. By pleading the 5th Pai has kept himself from testifying in the trials of other Enron executives, and has avoided being charged himself. 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. She has remarried and now goes by the name Rebecca Mark-Jusbasche. 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. (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. When I walked in, I had about $100 cash in my wallet. 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. 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Think strip clubs and Ferraris. He didn't admit wrongdoing, and he wasn't charged criminally. How much money did Lou Pai finally wind up with? 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. River Oaks. Upon learning of the affair, Pai's then-wife of over 20 years Lanna, with whom he has two children, filed for divorce. 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. Skilling had a yen for travel adventures. Another time, it was off-road racing in Land Cruisers in the Australian outback. Between all of the various subsidiaries of Enron that Lou Pai ran, his tenure resulted in over $1 billion in losses. 5005 South Tamiami Trail Sarsasota FL 34231. His father was a math professor at the University of Maryland, Collage Park, where Lou would eventually earn both a B.S. Within a decade, both Enron and Lou Pai were rising stars. It is a nice neighborhood, with houses that go for around a half-million dollars, but all on small lots, with alley parking in the back. Lou is alive and in good health. And, from the looks of life in Houston these days, it still is. "That was the kind of culture Jeff built around himself, where someone would risk their life just to get a pat on the back from him," says one former Enron executive, who requested anonymity. After the Enron scandal, they have generally avoided the spotlight, thus details about their relationship are scarce. (Creative Commons and flickr.com/people/eflon//Eflon). Lou Pai is a Chinese-American businessman and mathematical genius who has a net worth of $200 million. All rights reserved. From Anime to Trending Netflix Series and Celebrity News, he covers every detail and always find the right sources for his research. Why did this happen? Lou {Full name Lou Lung Pai (Chinese: ; pinyin: Bi Lulng)} is a Chinese-American businessman and former Enron executive. Although Melanie Fewells actions after marrying Pai are not well known, it is said that she resigned from her position as an exotic dancer. Skilling couldnt be reached, and his lawyer didnt immediately return messages seeking comment. In March of 1997, Lou was named CEO of a subsidiary called Enron Energy Services (EES). Davis, a Democrat, blamed Enron for gaming Californias power market and contributing to the blackouts that roiled the state. Wayne Wickman -- who runs the dealership -- used to love it when he saw Enron traders come through his door. and a M.S. 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. Sounds insane right? 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. Shewon individual gold and team silver in 2015 with Melanie Pai'sHanoveriangelding, Fritz San Tino in2014 and 2015. During a three week period between May 18 and June 7 of 2001, Lou sold off every single share he had ever been granted. Does Internet Increase, Decrease, or Supplement SocialCapital? Description above from the Wikipedia article Lou Pai, licensed under CC-BY-SA, full list of contributors on Wikipedia. Lous sister is Sue Pai Yang, the first Asian American appointed to be a New Jersey Workers Compensation judge. The best of Latin America and the Hispanic world. Create your own unique website with customizable templates. Melanie Fewell, Lou Pai's wife and a former stripper, is well-known for having wed the former Enron executive Lou Pai. 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. To meet his divorce settlement, he cashed out of Enron to an amount believed to be around $300 million just before the collapse. But before shit hit the fan for both EES and Enron, Lou Pai was one of the most important and highest paid people at the company. The government has opted not to call him. Actually, Lou Pai's penchant for strip clubs wasn't a reputation, it was a legend. 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. 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. 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. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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? Your email address will not be published. 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. In fact, it is this relationship that prompted his 2000 divorce, whose settlement required the highly fortuitous unloading of most of his Enron stock before the price began to tumble. 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]. Further, she completed her graduation in management and finance from the University of Tulsa. 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. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. The Lays -- who have long been involved in some of Houston's biggest charities -- haven't been seen out much lately. He allegedly would bring the strippers up to lavish Enron offices where they would continue the party late into the night. Meanwhile, Lou married his stripper girlfriend, now known as Melanie Miller Pai. 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. It looks like you aren't allowed to do that. She has a sister name Debby Kluepfel. Another, named Pay N Go, had previously been summoned by Paul McCartney to perform at his wife's funeral in New York. 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. The Country should be outraged at what he and Lana Lee (Pai) have pulled off. Pai obtained both his BS and MS from the University of Maryland in College Park, where his father was a math professor. Pai and Fewell married, after the divorce. State agencies reached a $1.52 billion settlement with Enron in 2005 to resolve allegations the company engaged in large-scale market manipulation during the energy crisis, though the state only expected to recover a fraction of that. We will update this section when the information is available. 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. These topics have nothing in common apart from a sort of odd orthographic. Ken Rice -- another top Enron executive -- adored Ferraris. . In his college years, Lou was considered a mathematical genius. Lay loved real estate ventures. However, details regarding his actual height and other body measurements are currently not publicly available. She is the elder child of her parents. 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. Pai worked for the federal government in the 1970s before joining Enron. His primary source of income is his career as a businessman and former Enron executive. 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. The objective is to create an environment that supports women in making the best decisions for them, free from prejudice or societal expectations. Oh, and just like Mr. Pai, Melanie also happened to be married with two kids. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. He now works in Houston for another ex-Enron hotshot, John Arnold, who started a hedge fund after Enron's collapse. Pai sold out approximately $250 million of his Enron stock to satisfy the financial terms of his divorce 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.