Lou Lung Pai (Chinese: ??? ; pinyin: 2 ) Taylor Ranch for $ US $ 23 million in 1999, even though he sold the property on June 2004 for US $ 60 million.
Lou Pai has not been charged with any crime in the Enron scandal and has exercised its 5th Amendment right in connection with the next class action of Enron. However, as a result of the lawsuit, Pai lost $ 6 million because he was from Enron's insurance policy for company officers to fund for Enron shareholders.
The story of the Enron scandal often portrays him as a mysterious figure; former Enron employee, interviewed in the Enron documentary: The Smartest Guys in the Room, calls Pai the "unseen CEO".
Video Lou Pai
​​â € <â €
Pai was born in Nanjing, China and came to the United States at the age of two. Pai earned both B.S. and M.S. in economics from the University of Maryland, College Park, where his father, Shih-I Pai, is a prominent aeronautical professor. Pai worked for the federal government in 1970 before joining Enron.
His brother is Sue Pai Yang, the first Asian American to be appointed New Jersey Compensation Judge.
Maps Lou Pai
Enron
Pai joined Enron in 1987, when it was still only a regional energy supplier. He became one of the chief CEO Jeffrey Skilling, especially in charge of detailing and implementing Skilling's vision to transform Enron into a de facto commodity trading company. During Enron's career, Skilling placed Pai in charge of several Enron subsidiaries. Pai was CEO of EES (Enron Energy Services) subsidiary from March 1997, until May 2001. The reason for his resignation from Enron remains shrouded in mystery.
Despite its reputation as a very closed, quiet, and closed person around the office, Pai also came to symbolize the legendary luxuries and excesses of Enron's corporate culture. Despite being married, Pai is known: spending a lot of time during and after business hours at Houston's regional clubs; use Enron jet for personal travel; and, cost several hundred dollars lunch for himself and accompany the staff to the company's expense account (until Chairman Ken Lay later forbade it).
Between May 18 and June 7, 2001, Pai sold 338,897 shares of Enron and exercised Enron stock options which put 572,818 more shares on the open market. At that time, the average price was $ 53.78 per share. The initial sale of Enron shares has the greatest advantage of protecting Pai from the same insider trading allegations against other Enron executives (who also secretly sold large amounts of shares before the public finances were destroyed publicly).
Colorado Pai farms include 14,047 foot mountains, Culebra Peak. His neighbors reportedly referred to the farm as "Mount Pai".
Post-Enron
Pai is a founder and former chair of Element Market, a renewable energy consulting firm. Through Elements, Pai has invested in pollution emissions credits. Since then, Pai has emerged as a partner at Midstream Capital Partners LLC.
On July 30, 2008, Pai agreed to settle the insider trafficking allegations against him with an out-of-court settlement of $ 31.5 million, including $ 1.5 million in civil penalties and $ 30 million in restitution, to be deposited into funds for shareholders harmed by Enron Bankruptcy. He continues to disown or deny the Securities and Exchange Commission claims that he sells millions of Enron shares based on non-public information about the company's financial matters. This is one of the largest settlements in the history of SEC law enforcement programs that deal with individuals for alleged insider trading. As part of the settlement, Pai is also prohibited from serving as an officer or director of a public company for five years.
Personal life
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. 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. To meet the financial requirements for the settlement of his divorce, Pai cashed about $ 250 million from Enron shares - just months before the company's stock price dramatically collapsed, and it filed for bankruptcy protection. After the divorce, Pai and Fewell got married.
Pai and his wife currently operate Canaan Ranch, located near metropolitan Houston, where they lift and train horses in the locker room. They then moved from Sugarland, Texas, to Middleburg, Virginia, and opened the second Canaan Ranch there, but in 2014 it was for sale. Recently, Pai and his family moved to Wellington, Florida.
See also
- Timeline of the Enron scandal (May 18, 2001)
- Danny Pang (financial expert)
References
External links
- Information from CORPWATCH about Lou Pai
Source of the article : Wikipedia
0 Comments