Form 8-K - Current report

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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): September 23, 2024

 

 

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 66 Hudson Blvd East, New York, New York 10001				10001
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code: [phone]

 

 

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. ☐

 

 

 

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Item 8.01

Other Events.

On September 23, 2024, Mills Music Trust issued a report to its Unit Holders containing computation details regarding the payment it received attributable to the second quarter of 2024. 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 September 23, 2024, issued by the Trust.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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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: September 23, 2024				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.

66 HUDSON BLVD EAST

NEW YORK, NY 10001

September 23, 2024

Quarterly Distribution Report No. 239

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 September 22, 2024.

This Quarterly Distribution report relates to the payment received by the Trust from Sony Music Publishing during the second quarter of 2024 (the “Q2 Distribution Period”), in respect of the contingent portion payment attributable to royalty income generated by the Trust’s copyright catalogue in the Q2 Distribution Period (the “Contingent Portion Payment”).

The Trust received $512,648 ($1.8460 per Trust Unit) for the Contingent Portion Payment attributable to the Q2 Distribution Period, as compared to $467,307 ($1.6827 per Trust Unit) for the payment attributable to the second quarter of 2023.

After receiving the Contingent Portion Payment, the Trust paid $141,921 to third parties in connection with invoices rendered to the Trust, leaving a balance of $370,727 ($1.3350 per Trust Unit). Such balance is being distributed to the Unit Holders of record as of the close of business on September 22, 2024.

During the twelve month period ended September 30, 2024, the Trust’s aggregate distributions will amount to $836,629 ($3.0126 per Trust Unit), as compared to $867,813 ($3.1248 per Trust Unit) during the twelve month period ended September 30, 2023.

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

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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 September 30, 2024 and September 30, 2023 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 Ended September 30, 2024								Per Unit*
Gross royalty income collected by EMI for the period		$	1,357,689
Less: Related royalty expense			369,842
Amount deducted by EMI			475,187
Adjustment for copyright renewals, etc.			12
			845,041
Balance as reported by EMI		$	512,648
Payments received by Trust		$	512,648							$	1.8460
Less: Fees and expenses to Registrar-Transfer Agent and other    administrative expenses			141,921								.5110
Balance available for distribution		$	370,727							$	1.3350
Distribution per Unit*						$	1.3350

 

*	Based on the 277,712 Trust Units outstanding.

 

 

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Three Months Ended September 30, 2023								Per Unit*				Twelve Months Ended September 30, 2024								Per Unit				Twelve Months Ended September 30, 2023								Per Unit
$	1,313,969											$	3,964,991											$	3,621,671
	385,575												1,420,825												1,294,716
	459,244												1,211,258												1,117,714
	1,843												1,619												5,265
	846,662												2,633,702												2,417,695
$	467,307											$	1,331,289											$	1,203,976
$	467,307							$	1.6827			$	1,331,289							$	4.7938			$	1,203,976							$	4.3353
	71,498								.2574				494,660								1.7812				336,163								1.2105
$	395,809							$	1.4253			$	836,629							$	3.0126			$	867,813							$	3.1248
				$	1.4253											$	3.0126											$	3.1248

Document and Entity Information	Sep. 23, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Sep. 23, 2024
Entity Registrant Name	MILLS MUSIC TRUST
Entity Incorporation State Country Code	NY
Entity File Number	000-02123
Entity Tax Identification Number	13-6183792
Entity Address Address Line 1	C/O HSBC Bank USA, N/A, Corporate Trust Issuer Services
Entity Address Address Line 2	66 Hudson Blvd East
Entity Address City Or Town	New York
Entity Address State Or Province	NY
Entity Address Postal Zip Code	10001
City Area Code	212
Local Phone Number	525-1349
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000066496

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