Enron founder and former CEO Ken Lay died early this morning of a heart attack. Lay, convicted of fraud on May 25, was facing life in pison.

The recently convicted former Enron chairman Kenneth L. Lay, 64, died early today near Aspen, Colo., a family spokeswoman said. Lay, convicted of fraud and conspiracy for his part in the Houston-based energy company's collapse, faced the possibility of life in prison at his sentencing scheduled for September.

Family spokeswoman Kelly Kimberly said Lay died of a heart attack.

"The Lays have a very large family with whom they need to communicate, and out of respect for the family we will release further details at a later time," a statement from the Lay family said.

Lay's pastor, Rev. Steve Wende of Houston's First Methodist Church, had this to say in a memo to the church staff.

"He and his wife, Linda, were in Colorado for the week, and his death was totally unexpected. Apparently, his heart simply gave out," Steve Wende, of First Methodist Houston said in a memo today to church staff.

Lay was the public face of Enron, a major player in the corporate world and the Houston business scene until the collapse of the company in 2001.

At Enron, Mr. Skilling was the visionary from the world of management consulting who spearheaded the company's rapid ascent by fastening on new ways to turn commodities, like natural gas and electricity, into lucrative financial instruments.

Mr. Lay, the company's founder, was the public face of Enron. Known for his close ties to President Bush's family, he built Enron into a symbol of civic pride and envy here in its hometown of Houston and throughout the financial

Yet while the media liked to focus on the friendship between Lay and the Bush family, it is often overlooked that both lay and his company were large donors to politicians on both sides of the aisle, including Ann Richards, Jack Brooks, and Bill Clinton. It is often overlooked that while the collapse of Enron came during the Bush administration, the bulk of the financial shenanigans came during the Clinton Administration and should have been caught by the SEC.

UPDATE: Jeff Skilling has no comment on his co-defendant's death.

My wife raised the uestion of whether or not Lay's family will keep the millions of dollars he still had at the time of his death. CNN's article briefly examined this issue.

Lay's family may still face the music when it comes to the barrage of civil lawsuits filed against him.

Jacob Zamansky, principle at Zamansky & Associates, a law firm that represents shareholders, said Lay's estate is still liable for damages.

"Lay's passing isn't going to have any material effect on the civil suits," Zamansky said. "His testimony is still out there."

Still, how much of the pot will be available to claimants is uncertain. Lay testified that he had lost millions after Enron's collapse and most of his estate was depleted in order to pay legal costs and living expenses.

In addition, last week prosecutors filed a motion for the forfeiture of over $180 million in assets owned by Lay and Skilling. The government is not commenting on how Lay's death will impact that move.