-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QIQSNSLQ7oaknr/8Jq8IyoJNXmcV64rC2O+Mj0U7uVNlhdIW+sFBg2LNatu4mlmc nsxYsIxWowrY+sqgIN5a+Q== 0000950123-97-003443.txt : 19970424 0000950123-97-003443.hdr.sgml : 19970424 ACCESSION NUMBER: 0000950123-97-003443 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970423 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MILLS MUSIC TRUST CENTRAL INDEX KEY: 0000066496 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 136183792 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-02123 FILM NUMBER: 97585721 BUSINESS ADDRESS: STREET 1: C/O JOEL FADEN & COMPANY STREET 2: 1775 BROADWAY SUITE 708 CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2122467203 MAIL ADDRESS: STREET 1: 1775 BROADWAY SUITE 708 CITY: NEW YORK STATE: NY ZIP: 10019 10-Q 1 MILLS MUSIC TRUST: 1ST QUARTER 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED MARCH 31, 1997 COMMISSION FILE NUMBER 2-22997 MILLS MUSIC TRUST (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) NEW YORK 13-6183792 (STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.) C/O MARINE MIDLAND BANK, 140 BROADWAY, NEW YORK, NY 10015 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (212) 658-6014
INDICATE BY CHECK-MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED TO BE FILED BY SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH FILING REQUIREMENTS FOR THE PAST 90 DAYS. YES X NO NUMBER OF TRUST UNITS OUTSTANDING AS OF MARCH 10, 1997 277,712 2 Page 2 PART I - FINANCIAL STATEMENTS Item 1. Financial Information MILLS MUSIC TRUST STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS THREE MONTHS ENDED MARCH 31, 1997 AND 1996 (UNAUDITED)
Three Months Ended March 31 1997 1996 --------- --------- Receipts: Mills Music, Inc. $ 259,173 $ 396,433 --------- --------- Total Receipts 259,173 396,433 Undistributed cash at beginning of the period 20 30 Disbursements - administrative expenses (10,850) (11,640) --------- --------- Balance available for distribution 248,343 384,823 Cash distribution to unit holders 248,330 384,799 --------- --------- Undistributed cash at end of the period $ 13 $ 24 ========= ========= Cash distribution per unit (based on 277,712 units outstanding) $ .8942 $ 1.3856 ========= =========
See accompanying Notes to Statements of Cash Receipts and Disbursements. 3 Page 3 MILLS MUSIC TRUST NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS THREE MONTHS ENDED MARCH 31, 1997 AND 1996 (UNAUDITED) NOTE 1. ACCOUNTING POLICIES AND GENERAL INFORMATION Mills Music Trust ("the Trust") was created in 1964 for the purpose of acquiring the rights to receive payments of a deferred contingent purchase price contract obligation payable by Mills Music, Inc. ("Mills"). The contingent payments are determined quarterly, and are based on a formula which takes into account gross royalty income from certain music copyrights and licenses of Mills, less royalties paid and amounts deducted by Mills in accordance with contract terms. Payments from Mills to the Trust are made in March, June, September, and December, and include net royalty income of the preceding calendar quarter. The payments received are accounted for on a cash basis, as are expenses paid. The Declaration of Trust requires the distribution of all funds received by the Trust to the Unit holders after payment of expenses. The statements of cash receipts and disbursements reflect only cash transactions and do not present transactions that would be included in financial statements presented on the accrual basis of accounting, as contemplated by generally accepted accounting principles. There is no book value per unit because cumulative distributions are in excess of the initial investment in the Trust. NOTE 2. RELATED PARTY TRANSACTIONS The Declaration of Trust provides that each trustee shall receive reimbursement for expenses reasonably incurred in the performance of his duties and annual compensation of $2,500 per year for his services as trustee, provided that such aggregate compensation to the trustees as a group may not exceed 3% of the monies received by the Trust in any year. The Declaration of Trust further provides for reimbursement to the corporate trustee for its clerical and administrative services to the Trust. Accordingly, Marine Midland Bank receives reimbursement for such services and for services performed as Registrar and Transfer Agent. The Declaration of Trust further provides that if any trustee performs unusual or extraordinary services, reasonable compensation for such services shall be paid, subject to certain 4 Page 4 MILLS MUSIC TRUST NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS THREE MONTHS ENDED MARCH 31, 1997 AND 1996 (CONTINUED) (UNAUDITED) limitations and to prior confirmation by a majority in interest of Trust Certificate holders. Pursuant to these provisions, disbursements to related parties were made as follows for the three months ended March 31, 1997 and 1996.
1997 1996 ---- ------ Trustee Fees: Bernard D. Fischman $625 $ 625 Marine Midland Bank 625 625 Marine Midland Bank - Transfer Agent and Registrar 0 5,932
NOTE 3. ROYALTY EXAMINATION The Trust's claim against Belwin Mills Publishing Corporation, the former administrators of the Old Mills Catalogue, in connection with a royalty examination is pending. It cannot be determined at this time, what, if any, amount may ultimately be received by the Trust. Legal and accounting fees paid from inception (1987) through March 31, 1997 by the Trust in connection with this examination aggregate $75,438. No examinations of royalty information have been performed subsequent to February, 1987. NOTE 4. FEDERAL INCOME TAXES No provision for income taxes has been made since the liability is that of the unit holders and not the Trust. 5 Page 5 PART I - FINANCIAL STATEMENTS Item 2. Management's Discussion and Analysis of Results of Operations The Trust's receipts from Mills Music, Inc. are derived from copyrights established prior to 1964 and such receipts fluctuate based upon public interest in the "nostalgia" appeal of older songs. PART II - OTHER INFORMATION Items 1 through 6, inclusive, are not applicable. 6 Page 6 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, thereunto duly authorized. MILLS MUSIC TRUST ----------------------------------- (Registrant) Date By: BERNARD D. FISCHMAN --------------------------- ------------------------------- Bernard D. Fischman, Trustee Date By: MARCIA MARKOWSKI --------------------------- ------------------------------- Marine Midland Bank Corporate Trustee EX-27 2 FINANCIAL DATA SCHEDULE
5 1 US DOLLARS 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 259,173 259,173 10,850 10,850 248,330 0 0 (7) 0 (7) 0 0 0 (7) 0 0
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