Empire State Building Owners Amend $1B IPO Tax Terms

Law360, New York (May 9, 2012, 7:25 PM EDT) -- The owners of the Empire State Building have agreed to change the terms of their proposed $1 billion initial public offering to allow investors to cash out or sell shares equal to about 30 percent of their stake in the company if the IPO takes place this year, according to an amendment filed late Tuesday.

The change comes after at least five shareholder lawsuits and many complaints that the deal's financial structure would unfairly leave existing investors with a hefty tax bill while protecting the owners...
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