Unbeknownst to his fellow Palm Beach socialites, John A. Porter's gilded lifestyle is legally tenuous. The former WorldCom chairman has filed for bankruptcy and faces several suits. But Porter will likely maintain a lifestyle far beyond the means of most Americans thanks to Florida's controversial "millionaire's loophole," which offers a virtually unlimited homestead exemption. And that infuriates some former WorldCom employees and investors who lost their incomes and life savings when the company failed.
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Former WorldCom Chairman Finds Shelter in Homestead Exemption
Daily Business Review
January 4, 2005
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