What Enron was, though, was a good corporate citizen, one that spread its money throughout the city. 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. Entertainment, He was close to Skilling, he ran the controversial Enron Energy Services division, and he netted a mind-blowing fortune from Enron stock. This is the crazy part: 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. View Melanie Pai's profile on LinkedIn, the world's largest professional community. Skilling's house is decorated in a sleek, black-and-white theme, in homage to Enron's corporate colors. Unfortunately, the implementation of EES' ambitious goals turned out to be a huge disaster. But things went off the rails asexecutives put together obscure financial instruments that ultimately became ticking time bombs. 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. Pai left his wife to marry an ex-topless dancer, and his lawyer argued the stock sales were tied to the divorce, according to court documents. James Fallows. The top 5 percent could expect to be invited to Mexico or Aspen with Skilling. These are the homes he's trying to unload now, as he scrambles to pay back multi-millions in debt. Meanwhile, Lou married his stripper girlfriend, now known as Melanie Miller Pai. We will update this section once this information is available. Because strippers are absolute Zen masters when it comes to extracting money from men. He was notorious for his. He didnt admit wrongdoing, and he wasnt charged criminally. 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 sold out approximately $250 million of his Enron stock to satisfy the financial terms of his divorce settlement. She has a son namedKyle and a daughter named Natalie Pai. Within a decade, both Enron and Lou Pai were rising stars. (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. The Country should be outraged at what he and Lana Lee (Pai) have pulled off. He probably thanks God every night for giving him that "peculiar fascination" with strippers! To meet his divorce settlement, he cashed out of Enron to an amount believed to be around $300 million just before the collapse. They weren't fourth-generation Houstonians -- which is basically what it takes to get into the Bayou Club. ----- . Cable News Network. and M.S. Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. 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. 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. Layfounded Enron with the merger of two regional natural gas pipeline companies and, during the subsequent 16 years, transformed the Wall Street darling into Americas most famous example of corporate greed and corruption. Pai joined Enron in 1987, when it was just a regional energy supplier. 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. (, 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. Not for fear of theft, but for fear that their $50,000-a-year employees might get the wrong message when they went to retrieve their Toyotas and Fords. 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. 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. As the attorney for one former Enron executive put it: "He ain't getting within a thousand miles of the courtroom.". Although Melanie Fewells actions after marrying Pai are not well known, it is said that she resigned from her position as an exotic dancer. Despite being one of the companys top executives, the cause of his leaving is still unknown; theories range from a quarrel with Jeff Skilling to a desire to found his own business. All rights reserved. Andrew Weissmann, former federal prosecutor who led the investigating task force. Lockyer is now an attorney at the law firm Brown Rudnick. After the Enron scandal, they have generally avoided the spotlight, thus details about their relationship are scarce. His wife, upon finding out about it, filed for divorce. She sold more than $80 million worth of Enron stock near its high. Lovely Mimi New Boyfriend Bio, Wiki, Age, Arrest, Husband, Divorce, Kids Net Worth. Reddit and its partners use cookies and similar technologies to provide you with a better experience. "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. When Lou's wife found out about the pregnancy, she filed for divorce. 2023 Celebrity Net Worth / All Rights Reserved. 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. "Lou would prefer not to be a witness," says Jeffrey. Regardless of whether they choose to prioritize their personal or professional lives, women should be urged and assisted in pursuing their goals and aspirations. 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. The gas bank, as it became known, reduced Enrons own exposure to fluctuating prices and spurred its growth through the 1990s. Arnold's fund, started with $8 million of his own money, has performed spectacularly and now has some $1.5 billion in assets. 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? Fastow is building something that looks like a country manor, almost Tudor-ish. CARTER SMITH). "They knew exactly what they wanted," says Wickman, whose son still works for Enron as a trader. Or someone else is a more compelling witness. Yet it is Mark, along with Fastow, whom Skilling once blamed for Enron's destruction. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. He's been on the defense witness list, but he would almost certainly take the Fifth if called. 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. Once again, all in the same neighborhood. 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? Melanie fewell lou pai wife The divorce was the result of Lou Pye's affair with Melanie Fewell, who was a stripper and got her pregnant. 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. Davis is now an attorney in the Los Angeles office of Loeb & Loeb law firm, where he advises companies, nonprofits and schools. Pai has kept a low profile ever since leaving Enron. Before Fastow formed his side partnerships, enlisting Kopper's aid, and walked off with a minimum of $30 million. Together, with their newborn child, the couple moved to Colorado where Lou became the second largest land. So he then married Melanie and she quit her . Once, they climbed the glaciers in Patagonia. In March of 1997, Lou was named CEO of a subsidiary called Enron Energy Services (EES). 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. 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. "Unfortunately, yes," responded Delainey. She is now known as Melanie Pai. Who Is Lou Pai's Wife, Melanie Fewell? Two months later, on August 15, 2001, Enron's share price sunk to $42. EES wanted to create an alternative private sector option that allowed consumers to buy energy on the free market, direct from a utility. Mar 28, 2009 Update on Xobni, Lou Pai (updated!) These days, though, Wickman's son goes to work worried about how long his job will last. There was no cap to the bonuses, which could get as high as $1 million. 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. 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. 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. "They wanted the work to be contemporary and adventurous -- the work was supposed to reflect Enron's culture," Walker says. 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. After the divorce from his first wife was finalized Lou Pai did end up marrying the exotic dancer he impregnated, Melanie Fewell. [2] He wrote a book about that probe, Where Law Ends, andnowteaches at New York University Law School. 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. And before all three men -- Skilling, Fastow and Kopper -- bought new properties, tore down the existing structures, and started building their dream houses. Mar 28, 2009 Update on Xobni, Lou Pai (updated!) "The houses really aren't elaborate for Houston," says one top interior designer in town. "We thought we could change the world, we really did," said one high-ranking young executive. "They are pretty much in keeping with what a top executive would have.". A former college classmate ofLay, Kinder resigned as president of Enron in 1996 after it became clear he wouldnt become CEO. 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. Congratulations to Derekthe first , seemingly in the Country to suggest the obvious..The Truth will come out someday..it is in court docs that show Pai NEVER HAD TO SELL ANY ENRON STOCK which was 100% sold BEFORE HIS DIVORCE, so how could there be Divorce terms requiring his stock to be sold ?.!!!!! Fastow said he asked Whalley. Pai exercised his 5th Amendment rights in regard to the subsequent Enron class action lawsuits and was not charged with any criminal wrongdoing in the Lawsuits regarding the Enron scandal. They were a bowling ball that knocked down a lot of bowling pins.. "Exhilarating," "freewheeling," "innovative," in the words of one 30-year-old who leaped three titles in three years. Pai was born in Nanjing, China and came to the United States at the age of two. She and her husband have operated Canaan Ranch together and used to train and raise dressage horses. 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. The neighborhood where the rich live in Houston. It was an out of court settlement. The total value Lou Pai was left with after every share was sold? Sherron Watkins, Enrons former Vice President of Corporate Development. Sounds insane right? 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. There have been no reports of him being sick or having any health-related issues. The objective is to create an environment that supports women in making the best decisions for them, free from prejudice or societal expectations. 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. 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. 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. Lou has a net worth of $270 million as of 2021. Marshals to the Bob Casey Federal Courthouse in Houston, Texas, in 2006. Mark was also lucky. On December 2, 2001, Enron filed for bankruptcy. CARTER SMITH). Pai was later cast in news reports as a symbol of Enrons excess, with an alleged fondness for corporate jets and strip clubs. 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. The chronology of accounts and events leading up to the Enron scandal have frequently portrayed Pai as a mysterious figure. Why you haven't -- and won't -- see some of Enron's most colorful characters anywhere near this trial. Another, named Pay N Go, had previously been summoned by Paul McCartney to perform at his wife's funeral in New York. 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. Hes not currently listed among the executives on the company website, and attempts to reach him were unsuccessful. When I walked out, not only was all my cash gone, but the only thing left in my wallet was an ATM receipt for the additional $60 I withdrew while inside the club (with a $5 strip club ATM fee). Lou is a Chinease-Amercian businessman and former Enrone executive. By pleading the 5th Pai has kept himself from testifying in the trials of other Enron executives, and has avoided being charged himself. Lou worked for the federal government in the 1970s before joining Enron. That is.inside the office. . 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