March 17, 2021

Windfall

Michigan cities weigh how to spend $4.4 billion windfall from federal stimulus law

In Port Huron, local officials are kicking around the idea of refunding all 2020 property taxes for every commercial, industrial and residential property in the city’s eight square miles.

Such a move would normally bankrupt the international border city of 29,000 residents at the mouth of Lake Huron.

But not after President Joe Biden signed a massive $1.9 trillion economic stimulus bill Thursday, a landmark government spending spree that promises a $19 million sliver for Port Huron.

“We could literally refund the 12 mills of the general property tax from last year and still have $10 million left over,” said

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Investors Eye Windfall From Denied COVID-19 Insurance Claims

A growing market niche where investors profit from others’ legal troubles is getting a boost from Covid.

Distressed-investing funds and litigation-finance boutiques are likely to be spoiled for choice after a landmark U.K. court ruling last month rejected pleas from insurers looking to dodge pandemic payouts. They’re looking to finance or buy denied Covid-19 insurance claims for policyholders without the means or stomach for taking their insurers to court.

“This is going to be huge,” said Steve Cooklin, chief executive officer of London-based litigation funder Manolete Partners Plc, whose biggest shareholder is veteran distressed investor Jon Moulton. “It’s hard to

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