Form 10-Q

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

0001193125-12-354728.txt : 20120814 0001193125-12-354728.hdr.sgml : 20120814 20120814123904 ACCESSION NUMBER: 0001193125-12-354728 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120814 DATE AS OF CHANGE: 20120814 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: 121031127 BUSINESS ADDRESS: STREET 1: 250 WEST 57TH STREET STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10107 BUSINESS PHONE: 2122467203 MAIL ADDRESS: STREET 1: 250 WEST 57TH STREET STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10107 10-Q 1 d379518d10q.htm FORM 10-Q Form 10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file Number — 000-02123

MILLS MUSIC TRUST

(Exact name of registrant as specified in its charter)

New York

13-6183792

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

C/O HSBC Bank USA, N/A Corporate Trust Issuer Services,

452 Fifth Avenue, New York, New York 10018-2706

(Address of principal executive offices and ZIP Code)

(Registrant’s telephone number, including area code) (212) 525-1349

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 ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

The number of the Registrant’s Trust Units outstanding as of June 30, 2012 was 277,712.

TABLE OF CONTENTS


PART I — FINANCIAL STATEMENTS		3
	Item 1. Financial Statements	3
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	6
	Item 3. Quantitative and Quantitative Disclosures About Market Risk	8
	Item 4. Controls and Procedures	8

PART II — OTHER INFORMATION		9
	Item 1. Legal Proceedings	9
	Item 1A. Risk Factors	9
	Item 2. Unregistered Sale of Equity Securities and Use of Proceeds	9
	Item 3. Defaults Upon Senior Securities	9
	Item 5. Other Information	9
	Item 6. Exhibits	9

	SIGNATURES	11

PART I — FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS

MILLS MUSIC TRUST

STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS

THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2012 AND JUNE 30, 2011

(UNAUDITED)


	Three Months Ended June 30						Six Months Ended June 30
	2012			2011			2012			2011

Proceeds from Contingent Portion Payments made to the Trust by EMI	$	141,390		$	192,185		$	433,673		$	464,689
Undistributed cash at beginning of the period		66			66			66			67
General and administrative expenses		(89,083	)		(46,083	)		(148,696	)		(80,718	)
Balance available		52,373			146,168			285,043			384,038
Cash distributions to Unit Holders		52,307			146,102			284,977			383,972
Undistributed cash at end of the period	$	66		$	66		$	66		$	66
Cash distribution per Trust Unit (based on 277,712 Trust Units outstanding)	$	.19		$	.53		$	1.03		$	1.38

The accompanying notes are an integral part of the unaudited financial statements.

The Trust does not prepare a balance sheet or a statement of cash flows.

MILLS MUSIC TRUST

NOTES TO UNAUDITED STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS

THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2012 AND JUNE 30, 2011

(UNAUDITED)

NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Mills Music Trust (the “Trust”) was created by a Declaration of Trust dated December 3, 1964 (the “Declaration of Trust”), for the purpose of acquiring from Mills Music, Inc. (“Old Mills”), the rights to receive payment of a deferred contingent purchase price obligation (the “Contingent Portion”) payable to Old Mills. The obligation to pay the Contingent Portion arose as the result of the sale by Old Mills of its music and lyric copyright catalogue (the “Catalogue”) to a newly formed company (“New Mills”) pursuant to an asset purchase agreement dated December 5, 1964 (the “Asset Purchase Agreement”). The amounts are currently payable by EMI Music Publishing (“EMI”), the current owner and administrative entity for the copyrighted materials. Payment of the Contingent Portion to the Trust continues until the end of the year in which the last copyright in the Catalogue expires and cannot be renewed.

HSBC BANK USA, N.A. (“HSBC”) acts as the Corporate Trustee for the Trust.

Proceeds from Contingent Portion Payments

The Trust receives quarterly payments of the Contingent Portion from EMI and distributes the amounts it receives to the owners of the units of beneficial interest in the Trust (the “Unit Holders”), after payment of expenses and liabilities of the Trust. The Declaration of Trust provides that these are the Trust’s sole responsibilities and that the Trust is prohibited from engaging in any business activities.

Payments of the Contingent Portion made to the Trust by EMI are based on royalty income generated by the Catalogue and collected by EMI. The Trust does not own the Catalogue and is not responsible for collecting royalties in connection with the Catalogue. As the current owner and administrator of the Catalogue, EMI is obligated under the Asset Purchase Agreement to use its “best efforts” to collect all royalties, domestic and foreign, in connection with the Catalogue and to remit a portion of its royalty income to the Trust as its Contingent Portion payment obligation in accordance with the terms and conditions of the Asset Purchase Agreement.

The amount of each payment of the Contingent Portion is based on a formula provided in the Asset Purchase Agreement. Commencing with the first quarter of the year 2010, the Contingent Portion payable to the Trust is an amount equal to 75% of gross royalty income from EMI’s exploitation of the Catalogue for each quarterly period, less royalty related expense.

Cash Distributions to Unit Holders

The Declaration of Trust requires the distribution of all funds received by the Trust to Unit Holders after payment of expenses on a quarterly basis. See the table headed “Statement of Cash Receipts and Disbursements” for information about cash disbursements made to Unit Holders during the three months and six months ended June 30, 2012 and June 30, 2011.

Accounting Policies

Payments from EMI to the Trust of the Contingent Portion are typically made in March, June, September and December. The payments received are accounted for on a cash basis, as are expenses.

The Statements of Cash Receipts and Disbursements reflect only cash transactions and do not include transactions that would be recorded in financial statements presented on the accrual basis of accounting, as contemplated by generally accepted accounting principles in the United States. The Trust does not prepare a balance sheet or a statement of cash flows.

NOTE 2. INCOME TAXES

No provision for income taxes has been made since the liability therefore is that of the Trust Unit holders and not the Trust.

NOTE 3. RELATED PARTY TRANSACTIONS

The Declaration of Trust provides that each trustee shall receive annual compensation of $2,500 per year for its services, 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 also provides for the reimbursement of expenses reasonably incurred in the performance of a trustee’s duties to the Trust, including clerical and administrative services.

Accordingly, HSBC receives annual compensation and reimbursement for services it performs to the Trust as the Registrar and Transfer Agent of the certificates representing the Trust Units. The Declaration of Trust also provides that if a trustee performs unusual or extraordinary services, reasonable compensation for such services shall be paid, subject to certain limitations and to prior confirmation by Unit Holders holding a majority interest in the Trust.

Pursuant to the terms and conditions of the Declaration of Trust, disbursements to HSBC were made as follows for the three months and six months ended June 30, 2012 and June 30, 2011:


	Three Months Ended June 30				Six Months Ended June 30
	2012		2011		2012		2011
HSBC:
Corporate Trustee Fees	$	625	$	625	$	1,250	$	1,250

Transfer agent and registrar	$	3,750	$	3,750	$	7,500	$	7,500

The administrative office of the Trust is located at HSBC Bank, USA, National Association, Corporate Trust Issuer Services, 452 Fifth Avenue, New York, New York 10018. No expense is being charged or paid by the Trust for the office space and office equipment that is being utilized for the Trust.

NOTE 4. ROYALTY INCOME

The Catalogue is estimated to be composed of over 25,000 music titles, of which approximately 1,600 produced royalty income in recent years. Most of the royalty income generated by the Catalogue during recent years has been produced by a relatively small number of copyrights established prior to 1964 and is produced by sources in the United States, but the Catalogue also generates royalty income in Canada and other foreign countries in which copyright is claimed.

In August 2011 the Trust engaged Prager & Fenton (“Prager”), an accounting firm specializing in auditing royalty income, to determine if payments of the Contingent Portion by EMI to the Trust have been properly made in accordance with the Asset Purchase Agreement. The report for the initial phase of the audit was delivered to the Trust on August 8, 2012. The initial phase of the audit covers the period from October 1, 2006 through June 30, 2011 (the “Audit Period”).

Prager identified multiple possible underpayments of the Contingent Portion during the Audit Period. Prager has requested additional information from EMI with respect to certain of the possible underpayments and is awaiting a response. The Trust is not yet in a position to form a reasonable estimate of the total amount of the collectable underpayments because Prager’s analysis remains subject to technical and legal confirmation.

The Trust is currently reviewing Prager’s report and intends to consult with Prager to enhance its understanding of the scope of the report and the report’s recommendations. After the Trust’s review of the report is completed, it will discuss the results with EMI and seek recovery of underpayments from EMI if appropriate. The Trust can offer no assurance that it will be able to recover any additional amounts from EMI related to the possible underpayments identified by the report.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Contingent Portion Payments

Payments of the Contingent Portion made to the Trust by EMI are based on royalty income generated by the Catalogue and collected by EMI. The Trust distributes the amounts it receives from EMI to the Unit Holders, after payment of expenses and liabilities of the Trust. The Declaration of Trust provides that these are the Trust’s sole responsibilities and that the Trust is prohibited from engaging in any business activities.

The Trust does not own the Catalogue and is not responsible for collecting royalties in connection with the Catalogue. As the current owner and administrator of the Catalogue, EMI is obligated under the Asset Purchase Agreement to use its “best efforts” to collect all royalties, domestic and foreign, in connection with the Catalogue and to remit a portion of its royalty income to the Trust as its Contingent Portion payment obligation in accordance with the terms and conditions of the Asset Purchase Agreement.

Prior to the first quarter of 2010, the Contingent Portion was calculated as an amount equal to 65% to 75% of gross royalty income from EMI’s exploitation of the Catalogue for each quarterly period, less royalty expenses and was guaranteed to be at least a minimum of $167,500 per quarter. Pursuant to the terms of the Asset Purchase Agreement, this method of calculation and the minimum payment guarantee are no longer in effect.

Payments of the Contingent Portion are ordinarily distributed to the Trust by EMI approximately two to three months after a quarter ends. The Trust’s annual income from payments of the Contingent Portion over the 2009, 2010 and 2011 calendar years has averaged $1,048,338 per year.

The Catalogue

The Trust’s income is dependent, in part, on EMI’s ability to maintain its rights in the copyrighted songs contained in the Catalogue (the “Copyrighted Songs”) through copyright protection. As the copyrights for the Copyrighted Songs expire, less royalty income will be generated and the size of each payment of the Contingent Portion will be reduced accordingly.

EMI has provided the Trust with a listing of the top 50 earning songs in the Catalogue for the Trust during the 2011 calendar year (the “Top 50 Songs”), together with the Contingent Portion payments made to the Trust during the 2011 calendar year and certain copyright information with respect to each of the Top 50 Songs (the “Listing”). The Listing does not include any information about the copyrights for the 2012 calendar year. A copy of the Listing, as provided by EMI, is included in the Trust’s annual report on Form 10-K for the fiscal year ended December 31, 2011.

Based on the Listing, the Top 50 Songs obtained copyright registration under the United States Copyright Act of 1909 (the “1909 Act”) between 1921 and 1965. For copyrighted works subject to the 1909 Act, copyright law generally provides for a possible 95 years of copyright protection, subject to certain factors, including the initial registration date of each copyright and compliance with certain statutory provisions including notice and renewal. The Copyright expiration dates for the Top 50 Songs range between 1996 and 2060, as set forth in the Listing.

The Copyrighted Songs are subject to statutory rights of termination of transfers, which may impact whether EMI is able to retain its ownership of the Copyrighted Songs during their term of copyright protection. For copyrights governed by the 1909 Act, this termination right vests at the end of two different renewal terms, which vary for each Copyrighted Song.

As the owner of the Catalogue, EMI (and not the Trust) is responsible for administrating the Catalogue and seeking renewals of the Copyrighted Songs. EMI does not provide detailed information to the Trust with respect to the status of renewals. However, the Asset Purchase Agreement provides that EMI is obligated to use its “best efforts” to secure renewals.

Tolling Agreement

In 2007 a dispute arose between EMI and the Trust regarding $259,500 in deductions taken by EMI against its payments to the Trust of the Contingent Portion (the “Dispute”). EMI claimed the deductions were made in connection with certain expenses it incurred in years prior to 2007. As of the date of this report, the Dispute has not been settled. However, on October 4, 2007, EMI and the Trust executed a tolling agreement (the “Tolling Agreement”), pursuant to which the parties agreed to suspend recognition of the passage of time for purposes of any relevant statute of limitations defenses the parties could claim and not to commence litigation without complying with notice provisions contained in the Tolling Agreement. The Tolling Agreement, which was initially scheduled to expire on April 1, 2008, has been extended by mutual written consent through December 15, 2012.

Audit of Royalty Income

In August 2011 the Trust engaged Prager, an accounting firm specializing in auditing royalty income, to determine if payments of the Contingent Portion by EMI to the Trust have been properly made in accordance with the Asset Purchase Agreement. The report for the initial phase of the audit was delivered to the Trust on August 8, 2012. The initial phase of the audit covers the period from October 1, 2006 through June 30, 2011.

Status of EMI

In 2011 it was announced that EMI was acquired by Citigroup and that Citigroup subsequently sold EMI’s music publishing business entity, which owns the Catalogue, to a group led by Sony Corp. EMI has informed the Trust that it does not anticipate the sale having a material impact on the Trust.

Inflation

The Trust does not believe that its activities have been materially affected by inflation.

Liquidity and Capital Resources

The Declaration of Trust requires the distribution of all funds received by the Trust to the Unit Holders after payment of expenses on a quarterly basis. See the table headed “Statement of Cash Receipts and Disbursements” under the section headed Part 1, “Financial Statements” for information about cash disbursements made to Unit Holders during the three months and six months ended June 30, 2012 and June 30, 2011.

Off-Balance Sheet Arrangements

There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Trust’s financial condition, changes in financial condition, revenues or expenses, results of operations or liquidity that is material to investors.

ITEM 3. QUANTITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable

ITEM 4. CONTROLS AND PROCEDURES

(a)

Controls and Procedures

As of the end of the period covered by this quarterly report, the Trust carried out an evaluation of the effectiveness of the design and operation of the Trust’s “disclosure controls and procedures” (as defined in Rules 13a-15 (e) and 15d-15 (e) of the Securities and Exchange Act of 1934, as amended) under the supervision and with the participation of the Trust’s management, including the chief financial individual providing accounting services and the trust officer of the Corporate Trustee. Based on that evaluation, the chief financial individual providing accounting services and the trust officer of the Corporate Trustee concluded that the Trust’s disclosure controls and procedures are effective.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in the Trust’s reports filed or submitted under the Exchange Act are recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the Trust’s reports filed under the Exchange Act is accumulated and communicated to Trust’s management, including the chief financial individual providing accounting services and the trust officer of the Corporate Trustee, to allow timely decisions regarding required disclosure.

(b)

Changes in Internal Control over Financial Reporting

There were no changes in the Trust’s internal controls over financial reporting (as such term is defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended) during the fiscal period covered by this quarterly report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None

ITEM 1A. RISK FACTORS

The Trust is a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and is not required to provide the information under this item.

ITEM 2. UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3. DEFAULT UPON SENIOR SECURITIES

None

ITEM 5. OTHER INFORMATION

None

ITEM 6. EXHIBITS


Exhibit No.		Description

31.1		Certification by the chief financial individual providing accounting services pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)

31.2		Certification by the trust officer of the Corporate Trustee pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)

32.1*		Certification by the chief financial individual providing accounting services pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

32.2*		Certification by the trust officer for the Corporate Trustee Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

101.INS**		XBRL Instance Document

101.SCH**		XBRL Schema Document

101.CAL**		XBRL Calculation Linkbase Documents

101.LAB**		XBRL Labels Linkbase Documents

101.PRE**		XBRL Presentation Linkbase Documents

*	Furnished, not filed

Pursuant to Rule 406T of Regulation S-T, these interactive date files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability under these sections.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.


August 14, 2012		Mills Music Trust
		(Registrant)

	By:	/s/ Ignazio Tamburello
		Ignazio Tamburello
		Trust Officer of the Corporate Trustee
		HSBC Bank U.S.A, NA

EX-31.1 2 d379518dex311.htm EX-31.1 EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Joel Faden, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Mills Music Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; *

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

The statements of cash receipts and disbursements reflect only cash transactions and do not include transactions that would be recorded in financial statements presented on the accrual basis of accounting. The Trust is required to distribute all funds received. Accordingly, the Trust has not prepared any statements of financial condition or cash flows.


Date: August 14, 2012				/s/ Joel Faden
				Joel Faden, Joel Faden & Company, Inc.
				Chief Financial Individual providing accounting services

EX-31.2 3 d379518dex312.htm EX-31.2 EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ignazio Tamburello, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Mills Music Trust;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: August 14, 2012				s/ Ignazio Tamburello
				Ignazio Tamburello
				Trust Officer of The Corporate Trustee

EX-32.1 4 d379518dex321.htm EX-32.1 EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report of Mills Music Trust (the “Trust”) on Form 10-Q for the fiscal quarter ended June 30, 2012, as filed with the Securities and Exchange Commission (the “Report”), the undersigned hereby certifies, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition* and results of operations of the Trust.

The statements of cash receipts and disbursements reflect only cash transactions and do not include transactions that would be recorded in financial statements presented on the accrual basis of accounting. The Trust is required to distribute all funds received after payment of expenses. Accordingly, the Trust has not prepared any statements of financial condition or cash flows.


Date: August 14, 2012				/s/ Joel Faden
				Joel Faden, Joel Faden & Company, Inc.
				Chief Financial Individual providing accounting services

EX-32.2 5 d379518dex322.htm EX-32.2 EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition* and results of operations of the Trust.

The statements of cash receipts and disbursements reflect only cash transactions and do not include transactions that would be recorded in financial statements presented on the accrual basis of accounting. The Trust is required to distribute all funds received after payment of expenses. Accordingly, the Trust has not prepared any statements of financial condition or cash flows.


Date: August 14, 2012				s/ Ignazio Tamburello
				Ignazio Tamburello
				Trust Officer of The Corporate Trustee

EX-101.INS 6 mmtrs-20120630.xml XBRL INSTANCE DOCUMENT 0000066496 2012-03-31 0000066496 2011-12-31 0000066496 2011-06-30 0000066496 2011-03-31 0000066496 2010-12-31 0000066496 2012-04-01 2012-06-30 0000066496 2011-07-01 2012-06-30 0000066496 2011-04-01 2011-06-30 0000066496 2011-01-01 2011-06-30 0000066496 2012-06-30 0000066496 2012-01-01 2012-06-30 mmtrs:Titles iso4217:USD xbrli:shares xbrli:pure xbrli:shares iso4217:USD

NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Mills Music Trust (the “Trust”) was created by a Declaration of Trust dated December 3, 1964 (the “Declaration of Trust”), for the purpose of acquiring from Mills Music, Inc. (“Old Mills”), the rights to receive payment of a deferred contingent purchase price obligation (the “Contingent Portion”) payable to Old Mills. The obligation to pay the Contingent Portion arose as the result of the sale by Old Mills of its music and lyric copyright catalogue (the “Catalogue”) to a newly formed company (“New Mills”) pursuant to an asset purchase agreement dated December 5, 1964 (the “Asset Purchase Agreement”). The amounts are currently payable by EMI Music Publishing (“EMI”), the current owner and administrative entity for the copyrighted materials. Payment of the Contingent Portion to the Trust continues until the end of the year in which the last copyright in the Catalogue expires and cannot be renewed. HSBC BANK USA, N.A. (“HSBC”) acts as the Corporate Trustee for the Trust. Proceeds from Contingent Portion Payments The Trust receives quarterly payments of the Contingent Portion from EMI and distributes the amounts it receives to the owners of the units of beneficial interest in the Trust (the “Unit Holders”), after payment of expenses and liabilities of the Trust. The Declaration of Trust provides that these are the Trust’s sole responsibilities and that the Trust is prohibited from engaging in any business activities. Payments of the Contingent Portion made to the Trust by EMI are based on royalty income generated by the Catalogue and collected by EMI. The Trust does not own the Catalogue and is not responsible for collecting royalties in connection with the Catalogue. As the current owner and administrator of the Catalogue, EMI is obligated under the Asset Purchase Agreement to use its “best efforts” to collect all royalties, domestic and foreign, in connection with the Catalogue and to remit a portion of its royalty income to the Trust as its Contingent Portion payment obligation in accordance with the terms and conditions of the Asset Purchase Agreement. The amount of each payment of the Contingent Portion is based on a formula provided in the Asset Purchase Agreement. Commencing with the first quarter of the year 2010, the Contingent Portion payable to the Trust is an amount equal to 75% of gross royalty income from EMI’s exploitation of the Catalogue for each quarterly period, less royalty related expense. Cash Distributions to Unit Holders The Declaration of Trust requires the distribution of all funds received by the Trust to Unit Holders after payment of expenses on a quarterly basis. See the table headed “Statement of Cash Receipts and Disbursements” for information about cash disbursements made to Unit Holders during the three months and six months ended June 30, 2012 and June 30, 2011.   Accounting Policies Payments from EMI to the Trust of the Contingent Portion are typically made in March, June, September and December. The payments received are accounted for on a cash basis, as are expenses. The Statements of Cash Receipts and Disbursements reflect only cash transactions and do not include transactions that would be recorded in financial statements presented on the accrual basis of accounting, as contemplated by generally accepted accounting principles in the United States. The Trust does not prepare a balance sheet or a statement of cash flows.

NOTE 2. INCOME TAXES No provision for income taxes has been made since the liability therefore is that of the Trust Unit holders and not the Trust.

NOTE 3. RELATED PARTY TRANSACTIONS The Declaration of Trust provides that each trustee shall receive annual compensation of $2,500 per year for its services, 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 also provides for the reimbursement of expenses reasonably incurred in the performance of a trustee’s duties to the Trust, including clerical and administrative services. Accordingly, HSBC receives annual compensation and reimbursement for services it performs to the Trust as the Registrar and Transfer Agent of the certificates representing the Trust Units. The Declaration of Trust also provides that if a trustee performs unusual or extraordinary services, reasonable compensation for such services shall be paid, subject to certain limitations and to prior confirmation by Unit Holders holding a majority interest in the Trust. Pursuant to the terms and conditions of the Declaration of Trust, disbursements to HSBC were made as follows for the three months and six months ended June 30, 2012 and June 30, 2011:   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="72%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" nowrap="nowrap" align="center">Three Months Ended June 30</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center">Six Months Ended June 30</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> HSBC: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Corporate Trustee Fees </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">625</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">625</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,250</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,250</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Transfer agent and registrar </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,750</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,750</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,500</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,500</td> <td nowrap="nowrap" valign="bottom"> </td> </tr>  </table> The administrative office of the Trust is located at HSBC Bank, USA, National Association, Corporate Trust Issuer Services, 452 Fifth Avenue, New York, New York 10018. No expense is being charged or paid by the Trust for the office space and office equipment that is being utilized for the Trust.

NOTE 4. ROYALTY INCOME The Catalogue is estimated to be composed of over 25,000 music titles, of which approximately 1,600 produced royalty income in recent years. Most of the royalty income generated by the Catalogue during recent years has been produced by a relatively small number of copyrights established prior to 1964 and is produced by sources in the United States, but the Catalogue also generates royalty income in Canada and other foreign countries in which copyright is claimed. In August 2011 the Trust engaged Prager & Fenton (“Prager”), an accounting firm specializing in auditing royalty income, to determine if payments of the Contingent Portion by EMI to the Trust have been properly made in accordance with the Asset Purchase Agreement. The report for the initial phase of the audit was delivered to the Trust on August 8, 2012. The initial phase of the audit covers the period from October 1, 2006 through June 30, 2011 (the “Audit Period”). Prager identified multiple possible underpayments of the Contingent Portion during the Audit Period. Prager has requested additional information from EMI with respect to certain of the possible underpayments and is awaiting a response. The Trust is not yet in a position to form a reasonable estimate of the total amount of the collectable underpayments because Prager’s analysis remains subject to technical and legal confirmation. The Trust is currently reviewing Prager’s report and intends to consult with Prager to enhance its understanding of the scope of the report and the report’s recommendations. After the Trust’s review of the report is completed, it will discuss the results with EMI and seek recovery of underpayments from EMI if appropriate. The Trust can offer no assurance that it will be able to recover any additional amounts from EMI related to the possible underpayments identified by the report.   Proceeds from Contingent Portion Payments The Trust receives quarterly payments of the Contingent Portion from EMI and distributes the amounts it receives to the owners of the units of beneficial interest in the Trust (the “Unit Holders”), after payment of expenses and liabilities of the Trust. The Declaration of Trust provides that these are the Trust’s sole responsibilities and that the Trust is prohibited from engaging in any business activities. Payments of the Contingent Portion made to the Trust by EMI are based on royalty income generated by the Catalogue and collected by EMI. The Trust does not own the Catalogue and is not responsible for collecting royalties in connection with the Catalogue. As the current owner and administrator of the Catalogue, EMI is obligated under the Asset Purchase Agreement to use its “best efforts” to collect all royalties, domestic and foreign, in connection with the Catalogue and to remit a portion of its royalty income to the Trust as its Contingent Portion payment obligation in accordance with the terms and conditions of the Asset Purchase Agreement. The amount of each payment of the Contingent Portion is based on a formula provided in the Asset Purchase Agreement. Commencing with the first quarter of the year 2010, the Contingent Portion payable to the Trust is an amount equal to 75% of gross royalty income from EMI’s exploitation of the Catalogue for each quarterly period, less royalty related expense.   Cash Distributions to Unit Holders The Declaration of Trust requires the distribution of all funds received by the Trust to Unit Holders after payment of expenses on a quarterly basis. See the table headed “Statement of Cash Receipts and Disbursements” for information about cash disbursements made to Unit Holders during the three months and six months ended June 30, 2012 and June 30, 2011.

Accounting Policies Payments from EMI to the Trust of the Contingent Portion are typically made in March, June, September and December. The payments received are accounted for on a cash basis, as are expenses. The Statements of Cash Receipts and Disbursements reflect only cash transactions and do not include transactions that would be recorded in financial statements presented on the accrual basis of accounting, as contemplated by generally accepted accounting principles in the United States. The Trust does not prepare a balance sheet or a statement of cash flows.

Pursuant to the terms and conditions of the Declaration of Trust, disbursements to HSBC were made as follows for the three months and six months ended June 30, 2012 and June 30, 2011:   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="72%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" nowrap="nowrap" align="center">Three Months Ended June 30</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center">Six Months Ended June 30</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> HSBC: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Corporate Trustee Fees </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">625</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">625</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,250</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,250</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Transfer agent and registrar </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,750</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,750</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,500</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,500</td> <td nowrap="nowrap" valign="bottom"> </td> </tr>  </table>

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Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2012

Disbursements to HSBC

Pursuant to the terms and conditions of the Declaration of Trust, disbursements to HSBC were made as follows for the three months and six months ended June 30, 2012 and June 30, 2011:


	Three Months Ended June 30				Six Months Ended June 30
	2012		2011		2012		2011
HSBC:
Corporate Trustee Fees	$	625	$	625	$	1,250	$	1,250

Transfer agent and registrar	$	3,750	$	3,750	$	7,500	$	7,500

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Organization and Summary of Significant Accounting Policies (Policies)
6 Months Ended

Jun. 30, 2012

Organization and Summary of Significant Accounting Policies [Abstract]

Proceeds from Contingent Portion Payments
Proceeds from Contingent Portion Payments

The Trust receives quarterly payments of the Contingent Portion from EMI and distributes the amounts it receives to the owners of the units of beneficial interest in the Trust (the “Unit Holders”), after payment of expenses and liabilities of the Trust. The Declaration of Trust provides that these are the Trust’s sole responsibilities and that the Trust is prohibited from engaging in any business activities.

Payments of the Contingent Portion made to the Trust by EMI are based on royalty income generated by the Catalogue and collected by EMI. The Trust does not own the Catalogue and is not responsible for collecting royalties in connection with the Catalogue. As the current owner and administrator of the Catalogue, EMI is obligated under the Asset Purchase Agreement to use its “best efforts” to collect all royalties, domestic and foreign, in connection with the Catalogue and to remit a portion of its royalty income to the Trust as its Contingent Portion payment obligation in accordance with the terms and conditions of the Asset Purchase Agreement.

The amount of each payment of the Contingent Portion is based on a formula provided in the Asset Purchase Agreement. Commencing with the first quarter of the year 2010, the Contingent Portion payable to the Trust is an amount equal to 75% of gross royalty income from EMI’s exploitation of the Catalogue for each quarterly period, less royalty related expense.

Cash Distributions to Unit Holders
Cash Distributions to Unit Holders

The Declaration of Trust requires the distribution of all funds received by the Trust to Unit Holders after payment of expenses on a quarterly basis. See the table headed “Statement of Cash Receipts and Disbursements” for information about cash disbursements made to Unit Holders during the three months and six months ended June 30, 2012 and June 30, 2011.

Accounting Policies
Accounting Policies

Payments from EMI to the Trust of the Contingent Portion are typically made in March, June, September and December. The payments received are accounted for on a cash basis, as are expenses.

The Statements of Cash Receipts and Disbursements reflect only cash transactions and do not include transactions that would be recorded in financial statements presented on the accrual basis of accounting, as contemplated by generally accepted accounting principles in the United States. The Trust does not prepare a balance sheet or a statement of cash flows.

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Statements of Cash Receipts and Disbursements (Unaudited) (USD $)
3 Months Ended 6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Statements of Cash Receipts and Disbursements [Abstract]

Proceeds from Contingent Portion Payments made to the Trust by EMI $ 141,390 $ 192,185 $ 433,673 $ 464,689

Undistributed cash at beginning of the period 66 66 66 67

General and administrative expenses (89,083) (46,083) (148,696) (80,718)

Balance available 52,373 146,168 285,043 384,038

Cash distributions to Unit Holders 52,307 146,102 284,977 383,972

Undistributed cash at end of the period $ 66 $ 66 $ 66 $ 66

Cash distribution per Trust Unit (based on 277,712 Trust Units outstanding) $ 0.19 $ 0.53 $ 1.03 $ 1.38

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Related Party Transactions
6 Months Ended

Jun. 30, 2012

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS
NOTE 3. RELATED PARTY TRANSACTIONS

The Declaration of Trust provides that each trustee shall receive annual compensation of $2,500 per year for its services, 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 also provides for the reimbursement of expenses reasonably incurred in the performance of a trustee’s duties to the Trust, including clerical and administrative services.

Accordingly, HSBC receives annual compensation and reimbursement for services it performs to the Trust as the Registrar and Transfer Agent of the certificates representing the Trust Units. The Declaration of Trust also provides that if a trustee performs unusual or extraordinary services, reasonable compensation for such services shall be paid, subject to certain limitations and to prior confirmation by Unit Holders holding a majority interest in the Trust.

Pursuant to the terms and conditions of the Declaration of Trust, disbursements to HSBC were made as follows for the three months and six months ended June 30, 2012 and June 30, 2011:

Three Months Ended
June 30 Six Months Ended
June 30

2012 2011 2012 2011

HSBC:

Corporate Trustee Fees
$ 625 $ 625 $ 1,250 $ 1,250

Transfer agent and registrar
$ 3,750 $ 3,750 $ 7,500 $ 7,500

The administrative office of the Trust is located at HSBC Bank, USA, National Association, Corporate Trust Issuer Services, 452 Fifth Avenue, New York, New York 10018. No expense is being charged or paid by the Trust for the office space and office equipment that is being utilized for the Trust.

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Royalty Income
6 Months Ended

Jun. 30, 2012

Royalty Income [Abstract]

ROYALTY INCOME
NOTE 4. ROYALTY INCOME

The Catalogue is estimated to be composed of over 25,000 music titles, of which approximately 1,600 produced royalty income in recent years. Most of the royalty income generated by the Catalogue during recent years has been produced by a relatively small number of copyrights established prior to 1964 and is produced by sources in the United States, but the Catalogue also generates royalty income in Canada and other foreign countries in which copyright is claimed.

In August 2011 the Trust engaged Prager & Fenton (“Prager”), an accounting firm specializing in auditing royalty income, to determine if payments of the Contingent Portion by EMI to the Trust have been properly made in accordance with the Asset Purchase Agreement. The report for the initial phase of the audit was delivered to the Trust on August 8, 2012. The initial phase of the audit covers the period from October 1, 2006 through June 30, 2011 (the “Audit Period”).

Prager identified multiple possible underpayments of the Contingent Portion during the Audit Period. Prager has requested additional information from EMI with respect to certain of the possible underpayments and is awaiting a response. The Trust is not yet in a position to form a reasonable estimate of the total amount of the collectable underpayments because Prager’s analysis remains subject to technical and legal confirmation.

The Trust is currently reviewing Prager’s report and intends to consult with Prager to enhance its understanding of the scope of the report and the report’s recommendations. After the Trust’s review of the report is completed, it will discuss the results with EMI and seek recovery of underpayments from EMI if appropriate. The Trust can offer no assurance that it will be able to recover any additional amounts from EMI related to the possible underpayments identified by the report.

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Statements of Cash Receipts and Disbursements (Unaudited) (Parenthetical)
3 Months Ended 6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Statements of Cash Receipts and Disbursements [Abstract]

Number of Trust Units outstanding 277,712 277,712 277,712 277,712

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Document and Entity Information
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Jun. 30, 2012

Document and Entity Information [Abstract]

Entity Registrant Name MILLS MUSIC TRUST

Entity Central Index Key 0000066496

Document Type 10-Q

Document Period End Date Jun. 30, 2012

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Document Fiscal Year Focus 2012

Document Fiscal Period Focus Q2

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Entity Filer Category Smaller Reporting Company

Entity Common Stock, Shares Outstanding 277,712

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Organization and Summary of Significant Accounting Policies
6 Months Ended

Jun. 30, 2012

Organization and Summary of Significant Accounting Policies [Abstract]

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Mills Music Trust (the “Trust”) was created by a Declaration of Trust dated December 3, 1964 (the “Declaration of Trust”), for the purpose of acquiring from Mills Music, Inc. (“Old Mills”), the rights to receive payment of a deferred contingent purchase price obligation (the “Contingent Portion”) payable to Old Mills. The obligation to pay the Contingent Portion arose as the result of the sale by Old Mills of its music and lyric copyright catalogue (the “Catalogue”) to a newly formed company (“New Mills”) pursuant to an asset purchase agreement dated December 5, 1964 (the “Asset Purchase Agreement”). The amounts are currently payable by EMI Music Publishing (“EMI”), the current owner and administrative entity for the copyrighted materials. Payment of the Contingent Portion to the Trust continues until the end of the year in which the last copyright in the Catalogue expires and cannot be renewed.

HSBC BANK USA, N.A. (“HSBC”) acts as the Corporate Trustee for the Trust.

Proceeds from Contingent Portion Payments

The Trust receives quarterly payments of the Contingent Portion from EMI and distributes the amounts it receives to the owners of the units of beneficial interest in the Trust (the “Unit Holders”), after payment of expenses and liabilities of the Trust. The Declaration of Trust provides that these are the Trust’s sole responsibilities and that the Trust is prohibited from engaging in any business activities.

Payments of the Contingent Portion made to the Trust by EMI are based on royalty income generated by the Catalogue and collected by EMI. The Trust does not own the Catalogue and is not responsible for collecting royalties in connection with the Catalogue. As the current owner and administrator of the Catalogue, EMI is obligated under the Asset Purchase Agreement to use its “best efforts” to collect all royalties, domestic and foreign, in connection with the Catalogue and to remit a portion of its royalty income to the Trust as its Contingent Portion payment obligation in accordance with the terms and conditions of the Asset Purchase Agreement.

The amount of each payment of the Contingent Portion is based on a formula provided in the Asset Purchase Agreement. Commencing with the first quarter of the year 2010, the Contingent Portion payable to the Trust is an amount equal to 75% of gross royalty income from EMI’s exploitation of the Catalogue for each quarterly period, less royalty related expense.

Cash Distributions to Unit Holders

The Declaration of Trust requires the distribution of all funds received by the Trust to Unit Holders after payment of expenses on a quarterly basis. See the table headed “Statement of Cash Receipts and Disbursements” for information about cash disbursements made to Unit Holders during the three months and six months ended June 30, 2012 and June 30, 2011.

Accounting Policies

Payments from EMI to the Trust of the Contingent Portion are typically made in March, June, September and December. The payments received are accounted for on a cash basis, as are expenses.

The Statements of Cash Receipts and Disbursements reflect only cash transactions and do not include transactions that would be recorded in financial statements presented on the accrual basis of accounting, as contemplated by generally accepted accounting principles in the United States. The Trust does not prepare a balance sheet or a statement of cash flows.

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Trustee annual compensation $ 625 $ 625 $ 1,250 $ 1,250 $ 2,500

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Royalty Income (Details)
6 Months Ended

Jun. 30, 2012

Titles

Royalty Income (Textual) [Abstract]

Number of estimated Catalogue music titles to be composed 25,000

Number of music titles produced royalty income 1,600

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Income Taxes
6 Months Ended

Jun. 30, 2012

Income Taxes [Abstract]

INCOME TAXES
NOTE 2. INCOME TAXES

No provision for income taxes has been made since the liability therefore is that of the Trust Unit holders and not the Trust.

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Organization and Summary of Significant Accounting Policies (Details)
3 Months Ended

Jun. 30, 2012

Organization and Summary of Significant Accounting Policies (Textual) [Abstract]

Percentage of gross royalty income payable to the Trust by EMI as its Contingent Portion obligation 75.00%

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Large accelerated filer

Accelerated filer

Non-accelerated filer

¨ (Do not check if a smaller reporting company)

Smaller reporting company

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2012
Organization and Summary of Significant Accounting Policies [Abstract]
Proceeds from Contingent Portion Payments	Proceeds from Contingent Portion Payments The Trust receives quarterly payments of the Contingent Portion from EMI and distributes the amounts it receives to the owners of the units of beneficial interest in the Trust (the “Unit Holders”), after payment of expenses and liabilities of the Trust. The Declaration of Trust provides that these are the Trust’s sole responsibilities and that the Trust is prohibited from engaging in any business activities. Payments of the Contingent Portion made to the Trust by EMI are based on royalty income generated by the Catalogue and collected by EMI. The Trust does not own the Catalogue and is not responsible for collecting royalties in connection with the Catalogue. As the current owner and administrator of the Catalogue, EMI is obligated under the Asset Purchase Agreement to use its “best efforts” to collect all royalties, domestic and foreign, in connection with the Catalogue and to remit a portion of its royalty income to the Trust as its Contingent Portion payment obligation in accordance with the terms and conditions of the Asset Purchase Agreement. The amount of each payment of the Contingent Portion is based on a formula provided in the Asset Purchase Agreement. Commencing with the first quarter of the year 2010, the Contingent Portion payable to the Trust is an amount equal to 75% of gross royalty income from EMI’s exploitation of the Catalogue for each quarterly period, less royalty related expense.
Cash Distributions to Unit Holders	Cash Distributions to Unit Holders The Declaration of Trust requires the distribution of all funds received by the Trust to Unit Holders after payment of expenses on a quarterly basis. See the table headed “Statement of Cash Receipts and Disbursements” for information about cash disbursements made to Unit Holders during the three months and six months ended June 30, 2012 and June 30, 2011.
Accounting Policies	Accounting Policies Payments from EMI to the Trust of the Contingent Portion are typically made in March, June, September and December. The payments received are accounted for on a cash basis, as are expenses. The Statements of Cash Receipts and Disbursements reflect only cash transactions and do not include transactions that would be recorded in financial statements presented on the accrual basis of accounting, as contemplated by generally accepted accounting principles in the United States. The Trust does not prepare a balance sheet or a statement of cash flows.

Statements of Cash Receipts and Disbursements (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Statements of Cash Receipts and Disbursements [Abstract]
Proceeds from Contingent Portion Payments made to the Trust by EMI	$ 141,390	$ 192,185	$ 433,673	$ 464,689
Undistributed cash at beginning of the period	66	66	66	67
General and administrative expenses	(89,083)	(46,083)	(148,696)	(80,718)
Balance available	52,373	146,168	285,043	384,038
Cash distributions to Unit Holders	52,307	146,102	284,977	383,972
Undistributed cash at end of the period	$ 66	$ 66	$ 66	$ 66
Cash distribution per Trust Unit (based on 277,712 Trust Units outstanding)	$ 0.19	$ 0.53	$ 1.03	$ 1.38

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	MILLS MUSIC TRUST
Entity Central Index Key	0000066496
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	277,712

Related Party Transactions (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
Related Party Transactions (Details) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
Disbursements to HSBC
Corporate Trustee Fees	$ 625	$ 625	$ 1,250	$ 1,250	$ 2,500
Transfer agent and registrar	$ 3,750	$ 3,750	$ 7,500	$ 7,500

Income Taxes (Details) (USD $)	Jun. 30, 2012
Income Taxes (Textual) [Abstract]
Provision for income taxes	$ 0

Related Party Transactions (Details Textual) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
Related Party Transactions (Details Textual) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
Related Party Transactions (Textual) [Abstract]
Trustee annual compensation	$ 625	$ 625	$ 1,250	$ 1,250	$ 2,500
Aggregate compensation percentage to trustee	3.00%	3.00%	3.00%	3.00%	3.00%
Expenses charged or paid by the Trust	$ 0	$ 0	$ 0	$ 0	$ 0

Royalty Income (Details)	6 Months Ended
Royalty Income (Details)	Jun. 30, 2012 Titles
Royalty Income (Textual) [Abstract]
Number of estimated Catalogue music titles to be composed	25,000
Number of music titles produced royalty income	1,600

Organization and Summary of Significant Accounting Policies (Details)	3 Months Ended
	Jun. 30, 2012
Organization and Summary of Significant Accounting Policies (Textual) [Abstract]
Percentage of gross royalty income payable to the Trust by EMI as its Contingent Portion obligation	75.00%