EX-99.1 2 d930582dex991.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

MILLS MUSIC TRUST

C/O HSBC BANKS U.S.A.

452 FIFTH AVENUE

NEW YORK, NY 10018-2706

June 22, 2020

Quarterly Distribution Report No. 222

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 21, 2020.

This Quarterly Distribution report relates to the payment received by the Trust from EMI Entertainment World Inc. (“EMI”) during the first quarter of 2020 (the “Q1 Distribution Period”), 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 $229,717 ($.8272 per Trust Unit) for the Contingent Portion Payment attributable to the Q1 Distribution Period, as compared to $296,975 ($1.0693 per Trust Unit) for the payment attributable to the first quarter of 2019.

After receiving the Q1 contingent portion payment, the Trust paid $78,187 to third parties in connection with invoices rendered to the Trust, leaving a balance of $151,530 ($.5457 per Trust Unit). Such balance is being distributed to the Unit Holders of record as of the close of business on June 21, 2020.

During the twelve month period ended June 30, 2020, the Trust’s aggregate distributions will amount to $920,392 ($3.3142 per Trust Unit), as compared to $1,675,140 ($6.0320 per Trust Unit) during the twelve month period ended June 30, 2019.

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, 2020 and June 30, 2019 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

June 30,
2020

             Per
Unit*		  

 

  

Gross royalty income collected by EMI for the period

    $ 810,982        
  

 

 

        

Less: Related royalty expense

      330,631        

Amount deducted by EMI

      240,149        

Adjustment for copyright renewals, etc.

      10,485        
  

 

 

        
     581,265        
  

 

 

        

Balance as reported by EMI

    $ 229,717        
  

 

 

        

Payments received by Trust

    $ 229,717         $ .8272  

Royalty audit settlement with EMI

         
        

Less: Fees and expenses to Registrar-Transfer Agent and other

            administrative expenses

      78,187           .2815  
        
  

 

 

        

 

 

  

Balance available for distribution

    $ 151,530         $ .5457  
  

 

 

        

 

 

  

Distribution per Unit*

       $ .5457     
     

 

 

     

 

*

Based on the 277,712 Trust Units outstanding.

 

 

 

 

 

 

Three

Months

Ended

June 30,
2019

           Per
Unit*		    

Twelve

Months

Ended

June 30,
2020

          

Per

Unit

    

Twelve

Months

Ended

June 30,
2019

          

Per

Unit

  

 

 

  
$ 973,022           $ 3,468,315           $ 3,072,234        

 

 

          

 

 

          

 

 

        
  309,786             1,246,225             1,087,180        
  346,427             1,043,434             929,399        
  19,834             66,394             90,007        

 

 

          

 

 

          

 

 

        
  676,047             2,356,053             2,106,586        

 

 

          

 

 

          

 

 

        
$ 296,975           $ 1,112,262           $ 965,648        

 

 

          

 

 

          

 

 

        
$ 296,975       $ 1.0693     $ 1,112,262       $ 4.0051     $ 965,648       $ 3.4772  
  1,000,000         3.6009               1,000,000         3.6009  

 

 

 

118,823

 

 

       .4279       191,870         .6909       290,508         1.0461  
                     

 

 

      

 

 

    

 

 

      

 

 

    

 

 

      

 

 

  
$ 1,178,152       $ 4.2423     $ 920,392       $ 3.3142     $ 1,675,140       $ 6.0320  

 

 

      

 

 

    

 

 

      

 

 

    

 

 

      

 

 

  
  $ 4.2423           $ 3.3142           $ 6.0320