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Mills Music Trust Unit (MMTRS0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the Trust's structure and operations, highlighting its purpose to receive payments from EMI Mills Music Inc. for a deferred contingent purchase price obligation related to a music and lyric copyright catalogue.
The Trust received $1,291,775 from EMI in 2024, compared to $1,237,548 in 2023, with all amounts attributed to ordinary Contingent Portion Payments.
Cash distributions to Unit Holders in 2024 totaled $658,733, or $2.37 per Trust Unit, down from $863,852, or $3.11 per Trust Unit, in 2023.
The Trust's financial statements are prepared on a cash basis, and it does not prepare a balance sheet or a statement of cash flows.
There is an ongoing dispute with EMI regarding the calculation of the Contingent Portion payments, with the Trust claiming underpayments totaling $1,490,077 since 2016.
The Trust engaged Citrin Cooperman & Company LLP to audit EMI's royalty income records, identifying royalty omissions and expense over-deductions, which EMI disputes.
The Trust does not own the music catalogue or any copyrights but relies on EMI to collect royalties and remit payments according to the Asset Purchase Agreement.
The Trust's income is dependent on EMI's ability to maintain rights to the copyrighted songs, with most copyrights expiring between 2021 and 2075.
The Trust has no officers, board of directors, or employees, with HSBC Bank, USA, N.A. serving as the Corporate Trustee and Lee Eastman as the Individual Trustee.
Audit fees paid to Hoberman & Lesser, CPA’s, LLC for 2024 were $32,000, with additional fees for audit-related services and quarterly reviews.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mills Music Trust Unit annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.