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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "William Ackman",
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  "presentationDate": "2012-12-20 00:00:00",
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      "text": "Wholesale Commissions are substantively no different from royalty overrides. They are a form of Recruiting Rewards paid based upon the SRP of product purchased (not sold) by downline distributors",
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      "text": "Wholesale Commissions are substantively no different from royalty overrides. They are a form of Recruiting Rewards paid based upon the SRP of product purchased (not sold) by downline distributors",
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      "text": "Retail Profit is profit on sales to Retail Customers, not other distributors. This interpretation is both intuitive and supported by the case law",
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      "text": "Other MLMs account for Wholesale Commissions as operating expenses",
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      "text": "A Belgian court, which found Herbalife to be operating a pyramid scheme, dismissed the notion that distributors can be classified as customers",
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      "text": "We question how many of Herbalife's distributors are \"discount buyers\"",
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      "text": "The vast majority of Herbalife's \"discount buyers\" are failed distributors",
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      "kind": "quote",
      "text": "A Belgian court, which found Herbalife to be operating a pyramid scheme, dismissed the notion that distributors can be classified as customers — Test-Aankoop v. Herbalife International Belgium [Comm. Ct. Brussels], Nov. 23, 2011, AR 2004/7787, No. JC-DC/27 [Jee] (Belg.), slip op. at 11.",
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      "kind": "source-note",
      "text": "(1) FTC v. JewelWay International... (2) Webster v. Omnitrition... (3) Test-Aankoop v. Herbalife International Belgium...",
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      "text": "Wholesale Commissions are a Form of Recruiting Profit",
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