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  "documentTitle": "Bolloré SA (BOL FP)",
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  "authorName": "Carson C Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-02-17 00:00:00",
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  "notes": "The slide uses a complex diagram to illustrate the multi-layered ownership of Financière Moncey, a subsidiary of BOL.",
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      "text": "The main purpose of a Breton Pulleys structure is to allow for maximum control of the company with minimal capital.",
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      "text": "Even though the Breton Pulleys concept was the brainchild of Mr. Bolloré's mentor, Antoine Bernheim, BOL acquired the structure - it did not initiate it.",
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      "text": "To get a sense of how complex the relationships actually are, we diagrammed the ownership of one of the subsidiary entities, Financière Moncey.",
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      "text": "The Breton Pulleys structure was not in place when BOL went public in 1985. BOL imported this structure as a result of a series of transactions with Group Rivaud.",
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      "text": "The good news is that through the recent tender for Havas shares, in exchange for BOL shares, the corporate structure should be simplified.",
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