The fight over the proposed Empire State Building public offering, which has aroused King Kong-size passions, has moved to a new battleground: a spat between small investors and the Malkin family over taxes arising from the iconic skyscraper's coming listing.
The tax bill from the initial public offering could more than wipe out any cash many of the 2,800 investors would initially receive from the sale, according to filings with the Securities and Exchange Commission.
