"Why are you leaving?" Super Capron Funk age: biography, Wiki, age, height, family, parents, net worth, Share This Post On WhatsApp, Facebook, Twitter, Instagram & Telegram. Pai left Enron abruptly, and he has since vanished into oblivion. "Lou would prefer not to be a witness," says Jeffrey. Two months later, on August 15, 2001, Enron's share price sunk to $42. Pai obtained both his B.S. Lou has a net worth of $270 million as of 2021. 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. Pai left Enron with over $280 million after selling a substantial amount of his shares. Create an account to follow your favorite communities and start taking part in conversations. Gov. Before Enron's stock took off, and everybody made tons of cash. By November 28, 2001, Enron's share price dropped all the way down to $1. "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. Disclaimer. Bigger houses, better boats, new wives. 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. And it wasn't enough to have one gleaming tower in downtown Houston. (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 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. When times were good, Lou Pai also had a reputation for enjoying the Houston-area strip clubs. Melanie Pai was born in 1963 in Houston, Texas, United America. A former college classmate ofLay, Kinder resigned as president of Enron in 1996 after it became clear he wouldnt become CEO. The one he's keeping? 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. The reasons we probably won't be seeing these people as witnesses -- let alone as criminal defendants -- range from legal strategy to simple luck. Prior to the companys demise, Pai cashed out $270 million in stock, divorced his wife, and wed an exotic dancer. 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. [2] 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. She and her husband have operated Canaan Ranch together and used to train and raise dressage horses. Fewell married.Pai and his current wife operated Canaan Ranch, located near . The total value Lou Pai was left with after every share was sold? Submit a correction suggestion and help us fix it. 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. She sold more than $80 million worth of Enron stock near its high. 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. More recently, Pai and his family have moved to Wellington, Florida. They also have also generously given to the sport of dressage in the US and sponsors dressage shows, including the $5,000 Canaan Ranch Pas de Deux held at the EEMI Dressage Show. The gas bank, as it became known, reduced Enrons own exposure to fluctuating prices and spurred its growth through the 1990s. 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). From Anime to Trending Netflix Series and Celebrity News, he covers every detail and always find the right sources for his research. After all, bad business judgment isn't a crime -- or maybe someone else presented a better prosecution target. The Puryear has been lent to the Menil, and the Oldenburg to the Museum of Fine Arts. Staff researcher Lynn Davis contributed to this story. 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 ?.!!!!! He also received enormous grants of valuable Enron stock. Andrew Weissmann, former federal prosecutor who led the investigating task force. 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. 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. Pai has kept a low profile ever since leaving Enron. And the outcomes were brutal. 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. . He has insisted he did nothing wrong, and he has not been charged. 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 has been on the defense's witness list, but don't expect to see him on the stand; he took the Fifth in the Enron class-action civil suit. It even inspired a limited-run Broadway show. Melanie Fewell, Lou Pai's wife and a former stripper, is well-known for having wed the former Enron executive Lou Pai. The South African Gas Development Company. 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. And former chief financial officer Andrew Fastow, who loved art, wanted Enron's corporate collection to rival any business's. Entertainment, Pai, 59, continues to live in Houston with the ex-stripper -- now his wife -- and is considering launching a small energy business, according to his lawyer. . His sister is Sue Pai Yang, the first Asian American appointed to be a New Jersey Workers' Compensation judge. A WarnerMedia Company. The deceptive practices of its executives, some of whom served jail time,helped spur the passage of federal laws and regulations designed to improve the accuracy of financial reporting.Enrons misdeeds in energyits traders were found to have manipulated Californias recently deregulated electricity market, helping spark a crisis that led to sky-high power prices and rotating blackoutsultimately led to the downfall of the states governor. Background. Lou and Melanie collectively operated Canaan Ranch, which is positioned terminate to metropolitan Houston, where they grew up and trained dressage horses, and later, they moved from Sugar Land, Texas, to Middleburg, Virginia, and opened a 2nd Canaan . (Creative Commons and flickr.com/people/eflon//Eflon), Mark Chediak, Greg Farrell and Naureen Malik, Kenneth Lay outside the Bob Casey Federal Courthouse in Houston, Texas, in 2006. He was close to Skilling, he ran the controversial Enron Energy Services division, and he netted a mind-blowing fortune from Enron stock. He left Enron six months before it collapsed in late 2001, pocketing more than $265 million from exercising Enron options and selling stock. Does Internet Increase, Decrease, or Supplement SocialCapital? in economics from the University of Maryland, College Park, where his father, Shih-I Pai, was an aeronautics professor. One of the horses he bought for her is named Gucci. He left Enron with over $250 million. And for those young people who made it, Enron was unreal. 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. 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. 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. Mar 28, 2009 Update on Xobni, Lou Pai (updated!) 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. Just months later, Enrons stock prices dramatically collapsed and it filed for bankruptcy protection. At the time Lou joined Enron, the company was still a mid-sized, regional energy supplier. Pai was later cast in news reports as a symbol of Enrons excess, with an alleged fondness for corporate jets and strip clubs. [, On July 30, 2008, Pai agreed to resolve the civil. Most stock quote data provided by BATS. Pais resignation from Enron and his reasons for doing so remain shrouded in mystery. The Fast Track The trip was to Mexico, to race motorcycles in the famed Baja 1000. 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. The goal of EES was to sell gas and electricity directly to personal homes and businesses a market prices. 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. "The worst people could say of him was that he didn't manage EES well, and I'm not sure that's true. Factset: FactSet Research Systems Inc. 2018. As one of the anchors, they purchased a piece by famed minimalist Donald Judd. No more high paying job, his stripper girlfriend was pregnant, his marriage was destroyed and divorce proceedings were underway. To meet his divorce settlement, he cashed out of Enron to an amount believed to be around $300 million just before the collapse. Description above from the Wikipedia article Lou Pai, licensed under CC-BY-SA, full list of contributors on Wikipedia. All times are ET. 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]. 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. 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? Lou obtained both his B.S. 5005 South Tamiami Trail Sarsasota FL 34231. But he almost certainly won't. Apr 3, 2006 - Where, for example, is Lou Pai, the enigmatic Jeff Skilling confidant. It's critical to acknowledge and appreciate the accomplishments of womenand to provide them the same opportunity as men to follow their interests. Pai's Colorado ranchland included the 14,047-foot mountain Culebra Peak. His wife, upon finding out about it, filed for divorce. Photographer: F. Carter Smith/Bloomberg, Andrew Fastow is escorted by U.S. Known as Mark the Shark for her negotiating skills, Mark was one of the most senior female executive in the energy industry in the 1990s, rising to chief executive of Enron International and serving as a member of the companys board. 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. Lou eventually became one of Enron CEO Jeff Skilling's most trusted and highest ranking executives. And Wickman -- like so many Houstonians -- just can't understand what happened in his town. 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. and M.S. Fastow, seen as one of the chief architects of using off-book partnerships to conceal billions of dollars of losses and debt, pled guilty to securities and wire fraud in 2004 and wassentenced to six years in prison. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. He walked away just below the peak of Enron's stock price with an estimated. At the time, the price averaged $53.78 per share. He didnt admit wrongdoing, and he wasnt charged criminally. Create your own unique website with customizable templates. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. 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. This includes his assets, money, and income. Pai picked up 77,500 acres (along with some partners) in southern Colorado -- land that former shareholders and employees are trying to attach in their lawsuits. He also bought a ranch in suburban Houston for his second wife, Melanie Fewell Pai, and . I've never been in a Chapter 11 situation before. This time, they booked a trip with the Chris Haines Motorcycle Adventure Co., a Mexico-based tour group. In order to pay the costly financial terms of his divorce settlement, Lou Pai was forced to cash out 100% of his Enron stock. His frequent visits to strip clubs led to an affair with a stripper. There have to be plenty more anecdotes where that came from, once Whalley takes the stand -- or there would be, if he ever does. But it sure isn't fraud," says Jeffrey. Your email address will not be published. As you might imagine, coming home every night smelling like gasoline probably isn't a sustainable lifestyle. During Lous 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. Herancestral home is in Germany. . in economics from the University of Maryland, College Park, where Lous father, Shih-I Pai, was an aeronautics professor. But in court testimony a different picture has emerged--of a guy who tried to help cover up problems. 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. These days, though, Wickman's son goes to work worried about how long his job will last. What Enron was, though, was a good corporate citizen, one that spread its money throughout the city. Enron was definitely a two-tier society. Enron had to have two. 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