MMTRS 8-K
Mills Music Trust (MMTRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
| 10018-2076 | ||||
| (Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (
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 June 26, 2023, Mills Music Trust issued a report to its Unit Holders containing computation details regarding the payment it received attributable to the first quarter of 2023. 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 June 26, 2023, issued by the Trust. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
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: June 26, 2023 | 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
June 26, 2023
Quarterly Distribution Report No. 234
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 June 25, 2023.
This Quarterly Distribution report relates to the payment received by the Trust from EMI Entertainment World Inc. (“EMI”) during the first quarter of 2023 (the “Q1 Distribution Period”), in respect of the contingent portion payment attributable to royalty income generated by the Trust’s copyright catalogue in the Q1 Distribution Period (the “Contingent Portion Payment”).
The Trust received $216,118 ($.7782 per Trust Unit) for the Contingent Portion Payment attributable to the Q1 Distribution Period, as compared to $207,916 ($.7487 per Trust Unit) for the payment attributable to the first quarter of 2022.
After receiving the Contingent Portion Payment, the Trust paid $110,821 to third parties in connection with invoices rendered to the Trust, leaving a balance of $105,297 ($.379 per Trust Unit). Such balance is being distributed to the Unit Holders of record as of the close of business on June 25, 2023.
During the twelve month period ended June 30, 2023, the Trust’s aggregate distributions will amount to $869,858 ($3.1322 per Trust Unit), as compared to $664,046 ($2.3911 per Trust Unit) during the twelve month period ended June 30, 2022.
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 June 30, 2023 and June 30, 2022 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 |
Per Unit* |
|||||||||||
|
|
||||||||||||
| Gross royalty income collected by EMI for the period |
$ | 750,665 | ||||||||||
|
|
|
|||||||||||
| Less: Related royalty expense |
308,770 | |||||||||||
| Amount deducted by EMI |
224,952 | |||||||||||
| Adjustment for copyright renewals, etc. |
825 | |||||||||||
| Foreign Tax Credits Received |
— | |||||||||||
|
|
|
|||||||||||
| 534,547 | ||||||||||||
|
|
|
|||||||||||
| Balance as reported by EMI |
$ | 216,118 | ||||||||||
|
|
|
|||||||||||
| Payments received by Trust |
$ | 216,118 | $ | .7782 | ||||||||
| Less: Fees and expenses to Registrar-Transfer Agent and other administrative expenses |
110,821 | .3991 | ||||||||||
|
|
|
|
|
|||||||||
| Balance available for distribution |
$ | 105,297 | $ | .3791 | ||||||||
|
|
|
|
|
|||||||||
| Distribution per Unit* |
$ | .3791 | ||||||||||
|
|
|
|||||||||||
| * | Based on the 277,712 Trust Units outstanding. |
| Three Months Ended June 30, 2022 |
Per Unit* |
Twelve Months Ended June 30, |
Per Unit |
Twelve Months Ended June 30, 2022 |
Per Unit |
|||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
| $ | 944,075 | $ | 3,421,356 | $ | 3,053,191 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 428,466 | 1,208,831 | 1,169,964 | ||||||||||||||||||||||||||||||||
| 306,406 | 1,020,033 | 909,853 | ||||||||||||||||||||||||||||||||
| 1,287 | 4,576 | 4,748 | ||||||||||||||||||||||||||||||||
| — | — | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 736,159 | 2,233,440 | 2,084,565 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| $ | 207,916 | $ | 1,187,916 | $ | 968,626 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| $ | 207,916 | $ | .7487 | $ | 1,187,916 | $ | 4.2775 | $ | 968,626 | $ | 3.4878 | |||||||||||||||||||||||
|
|
142,025 |
|
.5114 | 318,058 | 1.1453 | 304,580 | 1.0967 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| $ | 65,891 | $ | .2373 | $ | 869,858 | $ | 3.1322 | $ | 664,046 | $ | 2.3911 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| $ | .2373 | $ | 3.1322 | $ | 2.3911 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||