MMTRS 8-K
Mills Music Trust (MMTRS)
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 23, 2021
MILLS MUSIC TRUST
(Exact name of registrant as specified in its charter)
| New York | 000-02123 | 13-6183792 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
| C/O HSBC Bank USA, N/A Corporate Trust Issuer Services 452 Fifth Avenue, New York, New York 10018-2706 |
10018-2076 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (212) 525-1349
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| N/A | N/A | N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 8.01 | Other Events. |
On March 23, 2021, Mills Music Trust issued a report to its Unit Holders containing computation details regarding the payment it received attributable to the fourth quarter of 2020. The full text of the report is included as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits:
| 99.1 | Quarterly distribution report, dated March 23, 2021, issued by the Trust. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MILLS MUSIC TRUST | ||||||
| Date: March 23, 2021 | By: | /s/ Garfield Barrett | ||||
| Garfield Barrett Trust Officer of the Corporate Trustee HSBC Bank U.S.A, NA | ||||||
Exhibit 99.1
MILLS MUSIC TRUST
C/O HSBC BANKS U.S.A.
452 FIFTH AVENUE
NEW YORK, NY 10018-2706
March 23, 2021
Quarterly Distribution Report No. 225
To the holders (the “Unit Holders”) of Trust Certificates representing interests (the “Trust Units”) in Mills Music Trust (the “Trust”):
Enclosed you will find a check representing your share of a distribution by the Trust to the Unit Holders of record at the close of business on March 22, 2021.
This Quarterly Distribution report relates to the payment received by the Trust from EMI Entertainment World Inc. (“EMI”) during the fourth quarter of 2020 (the “Q4 Distribution Period”), in respect of the contingent portion payment attributable to royalty income generated by the Trust’s copyright catalogue in the Q4 Distribution Period (the “Contingent Portion Payment”).
The Trust received $280,912 ($1.0115 per Trust Unit) for the Contingent Portion Payment attributable to the Q4 Distribution Period, as compared to $259,035 ($.9327 per Trust Unit) for the payment attributable to the fourth quarter of 2020.
After receiving the Contingent Portion Payment, the Trust paid $51,115 to third parties in connection with invoices rendered to the Trust, leaving a balance of $229,597 ($.8267 per Trust Unit). Such balance is being distributed to the Unit Holders of record as of the close of business on March 22, 2021.
During the twelve month period ended March 31, 2021, the Trust’s aggregate distributions will amount to $797,723 ($2.8725 per Trust Unit), as compared to $1,947,014 ($7.0109 per Trust Unit) during the twelve month period ended March 31, 2020.
Additional computation details are set forth in the attached report.
The information contained in this Quarterly Distribution Report will be disclosed on a Form 8-K filed with the Securities and Exchange Commission (the “SEC”). The Trust’s SEC filings are available to the public over the internet on the SEC’s web site at http://www.sec.gov.
Very truly yours,
MILLS MUSIC TRUST
The following is a computation of amounts available for distribution and/or the payment of administrative expenses of the Trust during the three months and twelve months ended March 31, 2021 and March 31, 2020 out of payments made to the Trust in connection with a deferred contingent purchase price obligation under the asset purchase agreement, dated December 5, 1964:
| Three Months March 31, |
Per Unit* |
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|
|
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| Gross royalty income collected by EMI for the period |
$ | 857,945 | ||||||||||
|
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|
|||||||||||
| Less: Related royalty expense |
341,656 | |||||||||||
| Amount deducted by EMI |
256,250 | |||||||||||
| Adjustment for copyright renewals, etc. |
3,111 | |||||||||||
| Foreign Tax Credits Received |
(23,984 | ) | ||||||||||
|
|
|
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| 577,033 | ||||||||||||
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|
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| Balance as reported by EMI |
$ | 280,912 | ||||||||||
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| Payments received by Trust |
$ | 280,912 | $ | 1.0115 | ||||||||
| Royalty audit settlement with EMI |
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| Less: Fees and expenses to Registrar-Transfer Agent and other administrative expenses |
51,115 | .1841 | ||||||||||
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| Balance available for distribution |
$ | 229,797 | $ | .8274 | ||||||||
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| Distribution per Unit* |
$ | .8274 | ||||||||||
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| * | Based on the 277,712 Trust Units outstanding. |
| Three Months Ended March 31, |
Per Unit* |
Twelve Months Ended March 31, |
Per Unit |
Twelve Months Ended March 31, |
Per Unit |
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|
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|
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| $ | 862,847 | $ | 3,133,191 | $ | 3,630,355 | |||||||||||||||||||||||||||||
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| 336,962 | 1,133,790 | 1,225,380 | ||||||||||||||||||||||||||||||||
| 255,428 | 930,859 | 1,149,712 | ||||||||||||||||||||||||||||||||
| 11,422 | 53,937 | 75,743 | ||||||||||||||||||||||||||||||||
| (23,984 | ) | |||||||||||||||||||||||||||||||||
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| 603,812 | 2,094,602 | 2,450,835 | ||||||||||||||||||||||||||||||||
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| $ | 259,035 | $ | 1,038,589 | $ | 1,179,520 | |||||||||||||||||||||||||||||
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| $ | 259,035 | $ | .9327 | $ | 1,038,589 | $ | 3.7398 | $ | 1,179,520 | $ | 4.2473 | |||||||||||||||||||||||
| 1,000,000 | 3.6008 | |||||||||||||||||||||||||||||||||
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37,517 |
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.1351 | 240,866 | .8673 | 232,506 | .8372 | |||||||||||||||||||||||||||
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| $ | 221,518 | $ | .7976 | $ | 797,723 | $ | 2.8725 | $ | 1,947,014 | $ | 7.0109 | |||||||||||||||||||||||
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| $ | .7976 | $ | 2.8725 | $ | 7.0109 | |||||||||||||||||||||||||||||
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