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  "documentTitle": "Bolloré SA (BOL FP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-02-17 00:00:00",
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  "notes": "The slide highlights the complexity of BOL's corporate structure, noting that it involves 'circles within circles' and requires specialized programming rather than standard spreadsheet tools.",
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      "text": "BOL has likely been misunderstood because the complexity of its structure makes it infeasible to use Excel to estimate the percentage of circular ownership.",
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      "text": "dividend distribution: €63.77",
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      "kind": "paragraph",
      "text": "Shareholder would have received €63.77 (€0.81 would be retained in the structure if the iterations stopped at that point.) The table below shows how much each party receives in dividends per iteration.",
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      "text": "BOL has likely been misunderstood because the complexity of its structure makes it infeasible to use Excel to estimate the percentage of circular ownership. We engaged consultants that created a program to do the calculations necessary. The main issue with understanding BOL's structure is that it has circles within circles within circles. The next page contains our rendering of the corporate structure that BOL disclosed in its 2013 Annual Registration document.",
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      "text": "6 For formatting purposes, this chart excludes several footnotes from the Annual Registration.",
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      "text": "Iteration 1 2 3 4 Total From Sub to Public € 25.00 € 7.50 € 2.25 € 0.68 35.43 From Sub to HoldCo € 75.00 € 22.50 € 6.75 € 2.03 Back to Sub € 30.00 € 9.00 € 2.70 € 0.81 HoldCo Controlling SH € 45.00 € 13.50 € 4.05 € 1.22 63.77",
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      "text": "Understanding BOL's Structure",
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