Here are some interesting facts and body measurements you should know about Lou Pai. Lou Pai liked to indulge his second wife (whom he met in a strip club) and her passion for fine horses. And everybody had their thing: Fastow liked art. These days, though, Wickman's son goes to work worried about how long his job will last. In a move that the SEC questioned as actually a result of insider information, Pai netted himself somewhere around 300 million dollars. Another, named Pay N Go, had previously been summoned by Paul McCartney to perform at his wife's funeral in New York. The goal of EES was to sell gas and electricity directly to personal homes and businesses a market prices. Lou was born in 1947, in Nanjing, China, and came to the United States at the age of 2 years. Being a binge-watcher himself, finding Content to write about comes naturally to Divesh. [3] Lou Pai: The Only Guy Whos Ever Been Lucky to Get Divorced, the only guy whos ever been lucky to get divorced.. Pai has kept a low profile ever since leaving Enron. So he then married Melanieand she quit her job as an exotic dancer. Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. Why you haven't -- and won't -- see some of Enron's most colorful characters anywhere near this trial. rollings.us. Prominent members of the Houston art world, including Ned Rifkin -- then the head of the Menil Collection, now the director of the Hirshhorn Museum -- and Barry Walker, a curator at the Museum of Fine Arts, were recruited to be a part of the collection committee, which was headed by Lea Fastow. His wife, upon finding out about it, filed for divorce. As part of the settlement, Lou Pai was barred from serving as an officer of a public company for five years. 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. James Fallows. Does Internet Increase, Decrease, or Supplement Social Capital? To stabilize the situation, he authorized the state to buy expensive power contracts that were paid off by customers over 20 years. The gas bank, as it became known, reduced Enrons own exposure to fluctuating prices and spurred its growth through the 1990s. 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. 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. Once again, all in the same neighborhood. "Lou would prefer not to be a witness," says Jeffrey. Skilling couldnt be reached, and his lawyer didnt immediately return messages seeking comment. 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. 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. CARTER SMITH). 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.". Shortly before Enron went belly up Lou Pais wife at the time filed for divorce, and her timing could not have been more perfect. 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 all of the various subsidiaries of Enron that Lou Pai ran, his tenure resulted in over $1 billion in losses. Lou Pai's Wife & Children. "The worst people could say of him was that he didn't manage EES well, and I'm not sure that's true. 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. He left Enron six months before it collapsed in late 2001, pocketing more than $265 million from exercising Enron options and selling stock. Cable News Network. The pair is now raising thoroughbreds in Houston and is regarded as a member of the local neighbourhood. That was June of 2001. The pair is now raising thoroughbreds in Houston and is regarded Read More (Lockyer later apologized for the remarks.) 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. He was ultimatelyrecalled in 2003, with the states 2000-2001 electricity crisis fresh on voters minds. 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. Skilling lived in a simple, square brick house with his wife and three children. 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. 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. Lockyer is now an attorney at the law firm Brown Rudnick. 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. And more importantly, how much did his wife get? 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. 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. . Answered all inbound calls for the dealership. Well, believe it or not, this is exactly what happened to former Enron executive (and alleged stripper aficionado) Lou Pai. And a horse so famous it was invited to perform at Linda McCartney's funeral. After the divorce from his first wife was finalized Lou Pai did end up marrying the exotic dancer he impregnated, Melanie Fewell. "Yeah, that was a little dirty," Delainey says Whalley remarked. The average price Lou Pai got for his holdings between May and June of 2001 was $72 a share. In 2008, Pai settled insider trading charges and agreed to pay regulators $31.5 million. Prosecutors never viewed Mark, whom Skilling finally pushed out in August of 2000, as a target. 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. Pai was CEO of the EES (Enron Energy Services) subsidiary from March 1997 until May 2001. Where is Rebecca Mark, the hard-charging glamour girl who planted troubled Enron energy and water projects around the globe? Ken Lay sold off $90 million worth of stock during this period. The total value Lou Pai was left with after every share was sold? Pai, a mathematician and child of Chinese immigrants, was in charge of creating the market model for natural gas deregulation. But things went off the rails asexecutives put together obscure financial instruments that ultimately became ticking time bombs. If only all of Enron's former executives could recycle their reputations. She also was granted the right to the couple's Houston mansion, a Houston condo and a $3 million house in Hawaii. What Enron was, though, was a good corporate citizen, one that spread its money throughout the city. . Pai's frequent strip club visits during his time with Enron led to an affair with stripper [24] Melanie Fewell (who was also married), and resulted in a pregnancy. The name Enron is still invokedin shorthandlike Theranos,Madoff or Lehmana full two decades after its public ruin. As Enron was falling apart at the seems, and serious questions were being asked about the conduct of top Enron executives, Pai was given the perfect excuse to unload all of his holdings n Enron. From March 1997 until May 2001 Pai was CEO of the EES (Enron Energy Services) subsidiary. Wayne Wickman -- who runs the dealership -- used to love it when he saw Enron traders come through his door. Copyright 2023 DotComStories | Powered by Astra WordPress Theme, https://dotcomstories.com/author/divesh-solanki/. 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. It was a mess that got even messier when the affair resulted in a pregnancy. Lou Pai was known to spend inordinate amounts of time during and after working hours in Houston-area strip clubs even though he was married. 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. and/or its affiliates. She has a son namedKyle and a daughter named Natalie Pai. Within a decade, both Enron and Lou Pai were rising stars. 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. It's what they were put on this planet to do. Because strippers are absolute Zen masters when it comes to extracting money from men. 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