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 March 31, 2014
OR
¨ | 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)
(Registrants 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.
Large accelerated filer | ¨ | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | x |
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 Registrants Trust Units outstanding as of March 31, 2014 was 277,712.
MILLS MUSIC TRUST
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
THREE MONTHS ENDED
MARCH 31, 2014 AND MARCH 31, 2013
(UNAUDITED)
Three Months Ended March 31 |
||||||||
2014 | 2013 | |||||||
Undistributed Cash at beginning of period |
$ | 20,870 | $ | 64 | ||||
Proceeds From Contingent Portion Payments |
174,532 | 173,387 | ||||||
Settlement with EMI(1) |
625,000 | | ||||||
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Total |
820,402 | 173,451 | ||||||
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Less fees and expenses to registrar - transfer agents and others(2) |
-0- | 88,772 | ||||||
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Balance available |
820,402 | 84,679 | ||||||
Cash distributions to unit holders |
-0- | (80,240 | ) | |||||
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Undistributed Cash at end of period |
$ | 820,402 | $ | 4,439 | ||||
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Cash Distribution per Trust Unit (based on 277,712) Trust Units |
$ | -0- | $ | 0.29 | ||||
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(1) | Pursuant to a settlement with EMI, the Trust received $625,000 from EMI in March 2014. For further information regarding the settlement see Part IIItem 1, Legal Proceedings. |
(2) | As of March 31, 2013, $4,375 of Corporate Trustee and Transfer Agent fees that were scheduled to be paid went unpaid. Such fees were paid in April 2013. |
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.
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MILLS MUSIC TRUST
NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
THREE MONTHS ENDED
MARCH 31, 2014 AND MARCH 31, 2013
(UNAUDITED)
NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization and Background
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 pursuant to an asset purchase agreement dated December 5, 1964 (the Asset Purchase Agreement). The Contingent Portion amounts are currently payable by EMI Mills Music Inc. (EMI), the owner and administrative entity for the copyrighted materials. Pursuant to the Asset Purchase Agreement, 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. is the Corporate Trustee of the Trust (the Corporate Trustee), and Lee Eastman and Michael E. Reiss are the Individual Trustees of the Trust (the Individual Trustees and together with the Corporate Trustee, the Trustees).
Proceeds from Contingent Portion Payments
The Trust receives quarterly payments of the Contingent Portion from EMI and distributes the amounts it receives to the registered owners of Trust Certificates (the Unit Holders) representing interests in the Trust (the Trust Units), after payment of, or withholdings in connection with, expenses and liabilities of the Trust. The Declaration of Trust provides that these are the Trusts sole responsibilities and that the Trust is prohibited from engaging in any business activities.
Payments that EMI makes of the Contingent Portion to the Trust are based on royalty income which the Catalogue generates and EMI collects. The Trust does not own the Catalogue or any copyrights or other intellectual property rights 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 of the Asset Purchase Agreement.
The amount of each payment of the Contingent Portion is based on a formula set forth in the Asset Purchase Agreement. For information regarding the calculation of the Contingent Portion and a related dispute between EMI and the Trust see Contingent Portion Payments under Part IItem 2, Managements Discussion and Analysis of Financial Condition and Results of Operations.
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Cash Distributions to Unit Holders
The Declaration of Trust provides for the distribution to the Unit Holders of all funds the Trust receives after payment of, or withholdings in connection with, expenses and liabilities of the Trust.
The Copyright Catalogue
The Catalogue is estimated to be composed of over 25,000 music titles (the Copyrighted Songs), of which approximately 1,600 produced royalty income in recent years. EMI has provided the Trust with a listing of the top 50 earning songs in the Catalogue during the 2013 calendar year (the Top 50 Songs), together with certain copyright information with respect to each of the Top 50 Songs (the 2013 Listing). A copy of the 2013 Listing, as provided by EMI, is included in the Trusts annual report on Form 10-K for the fiscal year ended December 31, 2013. The 2013 Listing does not include any information regarding Copyrighted Songs for the 2014 calendar year.
Accounting Policies
Payments from EMI to the Trust of the Contingent Portion are typically made in March, June, September and December for the prior calendar quarter. The payments received are accounted for on a cash basis, as are expenses of the Trust. The Declaration of Trust provides for the distribution of the amounts it receives in Contingent Portion payments from EMI to the Unit Holders after payment of, or withholdings in connection with, expenses and liabilities of the Trust.
The Trusts financial statements 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 Unit Holders and not the Trust.
NOTE 3. GOVERNANCE OF THE TRUST
HSBC Bank, USA, N.A. is the Corporate Trustee of the Trust, and Lee Eastman and Michael E. Reiss are the Individual Trustees of the Trust. Pursuant to the Declaration of Trust, the Trustees serve until their removal, resignation, incapacity, or in the case of Individual Trustees, their death. The Trust does not have, nor does the Declaration of Trust provide for, officers or a board of directors.
The Trust has not adopted its own code of ethics (as defined in Item 406 of Regulation S-K under the Securities Exchange Act of 1934, the Exchange Act) as the Trust is managed by the Corporate Trustee and thus relies on the Corporate Trustee to abide by its Statement of Business Principles and Code of Ethics, which is available on the Corporate Trustees website at http://www.us.hsbc.com.
The Trust is not a corporate entity and thus does not have an Audit Committee. The Trust has established a policy with regard to audit, audit-related and certain non-audit engagements of its independent auditors. Under this policy, the Trust annually approves certain limited, specified recurring services which may be provided by the Trusts accountant or independent auditors. All other engagements for services to be performed by the Trusts independent auditors must be separately pre-approved by the Trust. Joel Faden of Joel Faden CPA, P.C. acts as Chief Financial Individual providing accounting services for the Trust.
3
NOTE 4. RELATED PARTY TRANSACTIONS
The Trustees are paid in accordance with the Declaration of Trust, which provides that each Trustee shall receive annual compensation of $2,500 per year, provided that such aggregate compensation to the Trustees as a group may not exceed 3% of the Contingent Portion amounts 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 Trustees duties to the Trust, including clerical and administrative services. Accordingly, the Trustees are entitled to receive annual compensation and reimbursement for services performed for the Trust, including the Corporate Trustees services 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 the terms and conditions of the Declaration of Trust.
Pursuant to the Declaration of Trust, disbursements were made as follows to the Trustees for the three months ended March 31, 2014 and March 31, 2013:
Three Months Ended March 31(1) |
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2014 | 2013 | |||||||
Corporate Trustee Fees and Expenses |
$ | 0 | $ | 0 | ||||
Individual Trustee Fees and Expenses |
$ | 0 | $ | 0 | ||||
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Totals |
$ | 0 | $ | 0 | ||||
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(1) | No Trustee payments were made during the first quarter of 2014 and 2013. As of May 9, 2014, the Trust paid an aggregate of $11,992 to the Trustees for fees and expenses in 2014. |
The administrative office of the Trust is located at the offices of the Corporate Trustee, HSBC Bank, USA, N.A., Corporate Trust Issuer Services, 452 Fifth Avenue, New York, New York 10018. Except for fees paid to the Corporate Trustee in accordance with the Declaration of Trust, no expense is being charged or paid by the Trust for the office space and office equipment of the Corporate Trustee that is being utilized for the Trust.
NOTE 5. SUBSEQUENT EVENTS
The Trust received a letter from R. Bruce McNew (McNew), an attorney with the law firm Wilks, Lukoff & Bracegirdle, LLC, requesting compensation for a benefit the letter claims was conferred on the Trust in the amount of $200,000. The letter states that McNews law firm is entitled to this payment because it was responsible for causing the Corporate Trustee to schedule a Unit Holder meeting held on August 29, 2013 at which two Individual Trustees were elected. The Trustees have not yet considered McNews request at a meeting of the Trustees and have reached no conclusion as to the merits of the request.
ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The Copyright Catalogue
The Catalogue is estimated to be composed of over 25,000 music titles, of which approximately 1,600 produced royalty income in recent years. Based on information provided by EMI to the Trust, the Trust derives its receipts from EMI principally from copyrights established prior to 1964 in the Unites States. The receipts fluctuate based on consumer interest in the nostalgia appeal of older songs and the overall popularity of the songs contained in the Catalogue. The Catalogue also generates royalty income in Canada and other foreign countries in which copyright is claimed.
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A number of factors create uncertainties with respect to the Catalogues ability to continue to generate royalty income on a continuing, long-term basis for the Trust. These factors include: (i) the effect that foreign and domestic copyright laws and any changes therein have or will have on renewal rights (e.g., vesting of renewal term rights), (ii) the length of the term of copyright protection under foreign and domestic copyright laws, (iii) reversionary rights that may effect whether EMI is able to retain its rights to the Copyrighted Songs during certain renewal terms (e.g., statutory termination of transfers or copyright recapture) and (iv) ongoing disputes between EMI and the Trust regarding the payment and calculation of the Contingent Portion.
The Trust does not own the Catalogue or any copyrights or other intellectual property rights 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 of the Asset Purchase Agreement.
The Trusts income is dependent, in part, on EMIs ability to maintain its rights in 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.
Based on the 2013 Listing, the Top 50 Songs obtained copyright registration under the United States Copyright Act of 1909 (the 1909 Act) between 1922 and 1962. 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 1997 and 2057, as set forth in the 2013 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. The Asset Purchase Agreement provides that EMI is obligated to use its best efforts to secure renewals.
Contingent Portion Payments
EMI ordinarily makes payments of the Contingent Portion to the Trust on a quarterly basis, approximately two to three months after a quarter ends. The Trust distributes the amounts it receives in Contingent Portion payments from EMI to the Unit Holders after payment of, or withholdings in connection with, expenses and liabilities of the Trust.
The amount of each payment of the Contingent Portion is based on a formula provided in the Asset Purchase Agreement. Prior to the first quarter of 2010, the Contingent Portion was calculated as an amount ranging from 65% to 75% of gross royalty income from EMIs exploitation of the Catalogue for each quarterly period, less royalty expenses. In addition, the Contingent Portion was guaranteed to be at least a minimum of $167,500 per quarter (the Minimum Payment Obligation).
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Beginning with the first quarter of 2010, the Asset Purchase Agreement provides for certain changes with respect to the calculation of the Contingent Portion. Both EMI and the Trust agree that one such change is that the Minimum Payment Obligation is no longer in effect. The Trust is also of the view that the Contingent Portion payable to the Trust changed to a fixed 75% of gross royalty income from EMIs exploitation of the Catalogue for each quarterly period, less royalty related expenses (the New Calculation Method). However, EMI disputes that the New Calculation Method is the correct interpretation of the Asset Purchase Agreement. As a result of EMI not applying the New Calculation Method, EMIs payments of the Contingent Portion were deficient, in the Trusts view, by the following amounts (the EMI Underpayments):
Quarterly Payment Period | Amount of Deficiency | |||
June 30, 2012 |
$ | 77,096, | ||
September 30, 2012 |
$ | 13,398 | ||
December 31, 2012 |
$ | 12,763 | ||
March 31, 2013 |
$ | 12,996 | ||
June 30, 2013 |
$ | 69,364 | ||
September 30, 2013 |
$ | 14,161 | ||
December 31, 2013 |
$ | 13,549 | ||
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Total |
$ | 213,327 | ||
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As of the date hereof, the Trust has not received the EMI Underpayments. The Trust can offer no assurance that it will be able to recover any of the EMI Underpayments or that it will resolve the dispute relating to the New Calculation Method with respect to future payments of the Contingent Portion.
Recent Distributions to Unit Holders
On April 2, 2014, the Trust made a distribution of $636,276 (or $2.29 per Trust Unit) to the Trusts Unit Holders of record at the close of business on April 1, 2014. For computation details regarding the distribution please refer to the quarterly distribution report, dated April 2, 2014, attached as Exhibit 99.1 to the Current Report on Form 8-K, filed by the Trust with the Securities and Exchange Commission on April 4, 2014.
As of May 9, 2014, the Trust was holding $64.00 in cash and had received invoices for an aggregate of $107,870 in unpaid administrative expenses for services rendered to the Trust.
Inflation
The Trust does not believe that inflation has materially affected its activities.
Liquidity and Capital Resources
The Declaration of Trust provides for the distribution to the Unit Holders of all funds the Trust receives after payment of, or withholdings in connection with, expenses and liabilities of the Trust.
See the table headed Statement of Cash Receipts and Disbursements under Part 1Item 1, Financial Statements for information regarding cash disbursements made to Unit Holders during the three months ended March 31, 2014 and March 31, 2013.
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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 Trusts 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 Trusts disclosure controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) of the Exchange Act) under the supervision and with the participation of the Trusts management, including the chief financial individual providing accounting services and the trust officers 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 Trusts 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 Trusts reports filed or submitted under the Exchange Act are recorded, processed, summarized and reported, within the time periods specified in the SECs rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the Trusts reports filed under the Exchange Act is accumulated and communicated to Trusts 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 Trusts internal controls over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) during the fiscal period covered by this quarterly report that have materially affected, or are reasonably likely to materially affect, the Trusts internal control over financial reporting.
7
In connection with certain disputed matters discussed in the Trusts Annual Report on Form 10-K filed with the SEC on April 11, 2014, the Trust filed a Summons with Notice on October 4, 2013 with the Supreme Court of the State of New York seeking damages of not less than $2,614,948 from EMI for breach of contract, among other claims (the Summons with Notice).
On February 28, 2014, the Trust, EMI and EMI Consortium Music Publishing Inc. agreed to settle (the Settlement) all disputed claims (the Settled Claims) of the Trust and EMI for all periods of time prior to October 1, 2011 (the Settlement Period). Pursuant to the Settlement, EMI has paid the Trust an amount of $625,000 in full and final settlement of the Settled Claims, and the Trust has voluntarily discontinued the Summons with Notice without prejudice and without cost subject to the terms of the Settlement.
The Settlement does not cover any claims for any periods of time after the Settlement Period. As such, the Trust and EMI have not agreed to settle any claims relating to the EMI Underpayments, which arose after the Settlement Period, and have not agreed on the method for calculating the Contingent Portion under the Asset Purchase Agreement for future quarterly periods. As noted above, as of the date hereof, the Trust has not received the EMI Underpayments.
The Trust is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act 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
None
Exhibit |
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) |
8
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 |
9
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.
May 15, 2014 | Mills Music Trust | |||||
(Registrant) | ||||||
By: | /s/ Nancy Luong | |||||
Nancy Luong | ||||||
Trust Officer of the Corporate Trustee | ||||||
HSBC Bank USA, NA |
10
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 registrants 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:
a) | 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; |
b) | 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; |
c) | Evaluated the effectiveness of the registrants 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 |
d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
a) | 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 registrants ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants 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. |
May 15, 2014 | /s/ Joel Faden | |||||
Joel Faden, Joel Faden CPA, P.C. | ||||||
Chief Financial Individual providing accounting services |
EXHIBIT 31.2
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Nancy Luong, 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 registrants 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:
a) | 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; |
b) | 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; |
c) | Evaluated the effectiveness of the registrants 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 |
d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
c) | 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 registrants ability to record, process, summarize and report financial information; and |
d) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants 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. |
May 15, 2014 | /s/ Nancy Luong | |||||
Nancy Luong | ||||||
Trust Officer of The Corporate Trustee |
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 March 31, 2014, 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:
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | 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. |
May 15, 2014 | /s/ Joel Faden | |||||
Joel Faden, Joel Faden CPA, P.C. | ||||||
Chief Financial Individual providing accounting services |
EXHIBIT 32.2
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 March 31, 2014, 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:
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | 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. |
May 15, 2014 | /s/ Nancy Luong | |||||
Nancy Luong | ||||||
Trust Officer of The Corporate Trustee |
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Organization and Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
---|---|
Mar. 31, 2014
|
|
Accounting Policies [Abstract] | |
Organization and Background | Organization and Background 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 pursuant to an asset purchase agreement dated December 5, 1964 (the “Asset Purchase Agreement”). The Contingent Portion amounts are currently payable by EMI Mills Music Inc. (“EMI”), the owner and administrative entity for the copyrighted materials. Pursuant to the Asset Purchase Agreement, 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. is the Corporate Trustee of the Trust (the “Corporate Trustee”), and Lee Eastman and Michael E. Reiss are the Individual Trustees of the Trust (the “Individual Trustees” and together with the Corporate Trustee, the “Trustees”). |
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 registered owners of Trust Certificates (the “Unit Holders”) representing interests in the Trust (the “Trust Units”), after payment of, or withholdings in connection with, 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 that EMI makes of the Contingent Portion to the Trust are based on royalty income which the Catalogue generates and EMI collects. The Trust does not own the Catalogue or any copyrights or other intellectual property rights 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 of the Asset Purchase Agreement. The amount of each payment of the Contingent Portion is based on a formula set forth in the Asset Purchase Agreement. For information regarding the calculation of the Contingent Portion and a related dispute between EMI and the Trust see “Contingent Portion Payments” under Part I—Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. |
Cash Distributions to Unit Holders | Cash Distributions to Unit Holders The Declaration of Trust provides for the distribution to the Unit Holders of all funds the Trust receives after payment of, or withholdings in connection with, expenses and liabilities of the Trust. |
The Copyright Catalogue | The Copyright Catalogue The Catalogue is estimated to be composed of over 25,000 music titles (the “Copyrighted Songs”), of which approximately 1,600 produced royalty income in recent years. EMI has provided the Trust with a listing of the top 50 earning songs in the Catalogue during the 2013 calendar year (the “Top 50 Songs”), together with certain copyright information with respect to each of the Top 50 Songs (the “2013 Listing”). A copy of the 2013 Listing, as provided by EMI, is included in the Trust’s annual report on Form 10-K for the fiscal year ended December 31, 2013. The 2013 Listing does not include any information regarding Copyrighted Songs for the 2014 calendar year. |
Accounting Policies | Accounting Policies Payments from EMI to the Trust of the Contingent Portion are typically made in March, June, September and December for the prior calendar quarter. The payments received are accounted for on a cash basis, as are expenses of the Trust. The Declaration of Trust provides for the distribution of the amounts it receives in Contingent Portion payments from EMI to the Unit Holders after payment of, or withholdings in connection with, expenses and liabilities of the Trust. The Trust’s financial statements 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. |
+'ZP2;#KB=="9%\=DUT@+_6]2N3,;C%'O[$1&8;C
Subsequent Events
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3 Months Ended |
---|---|
Mar. 31, 2014
|
|
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 5. SUBSEQUENT EVENTS The Trust received a letter from R. Bruce McNew (“McNew”), an attorney with the law firm Wilks, Lukoff & Bracegirdle, LLC, requesting compensation for a benefit the letter claims was conferred on the Trust in the amount of $200,000. The letter states that McNew’s law firm is entitled to this payment because it was responsible for causing the Corporate Trustee to schedule a Unit Holder meeting held on August 29, 2013 at which two Individual Trustees were elected. The Trustees have not yet considered McNew’s request at a meeting of the Trustees and have reached no conclusion as to the merits of the request. |
Statements of Cash Receipts and Disbursements (USD $)
|
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2014
|
Mar. 31, 2013
|
|||||||
Operating Cash Flows Direct Method [Abstract] | ||||||||
Undistributed Cash at beginning of period | $ 20,870 | $ 64 | ||||||
Proceeds From Contingent Portion Payments | 174,532 | 173,387 | ||||||
Settlement with EMI | 625,000 | [1] | ||||||
Total | 820,402 | 173,451 | ||||||
Less fees and expenses to registrar - transfer agents and others | 0 | [2] | 88,772 | [2] | ||||
Balance available | 820,402 | 84,679 | ||||||
Cash distributions to unit holders | 0 | (80,240) | ||||||
Undistributed Cash at end of period | $ 820,402 | $ 4,439 | ||||||
Cash Distribution per Trust Unit (based on 277,712) Trust Units | $ 0.00 | $ 0.29 | ||||||
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Governance of the Trust
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3 Months Ended |
---|---|
Mar. 31, 2014
|
|
Business Combinations [Abstract] | |
Governance of the Trust | NOTE 3. GOVERNANCE OF THE TRUST HSBC Bank, USA, N.A. is the Corporate Trustee of the Trust, and Lee Eastman and Michael E. Reiss are the Individual Trustees of the Trust. Pursuant to the Declaration of Trust, the Trustees serve until their removal, resignation, incapacity, or in the case of Individual Trustees, their death. The Trust does not have, nor does the Declaration of Trust provide for, officers or a board of directors. The Trust has not adopted its own code of ethics (as defined in Item 406 of Regulation S-K under the Securities Exchange Act of 1934, the “Exchange Act”) as the Trust is managed by the Corporate Trustee and thus relies on the Corporate Trustee to abide by its Statement of Business Principles and Code of Ethics, which is available on the Corporate Trustee’s website at http://www.us.hsbc.com. The Trust is not a corporate entity and thus does not have an Audit Committee. The Trust has established a policy with regard to audit, audit-related and certain non-audit engagements of its independent auditors. Under this policy, the Trust annually approves certain limited, specified recurring services which may be provided by the Trust’s accountant or independent auditors. All other engagements for services to be performed by the Trust’s independent auditors must be separately pre-approved by the Trust. Joel Faden of Joel Faden CPA, P.C. acts as Chief Financial Individual providing accounting services for the Trust. |
Related Party Transactions
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2014
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | NOTE 4. RELATED PARTY TRANSACTIONS The Trustees are paid in accordance with the Declaration of Trust, which provides that each Trustee shall receive annual compensation of $2,500 per year, provided that such aggregate compensation to the Trustees as a group may not exceed 3% of the Contingent Portion amounts 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, the Trustees are entitled to receive annual compensation and reimbursement for services performed for the Trust, including the Corporate Trustee’s services 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 the terms and conditions of the Declaration of Trust. Pursuant to the Declaration of Trust, disbursements were made as follows to the Trustees for the three months ended March 31, 2014 and March 31, 2013:
The administrative office of the Trust is located at the offices of the Corporate Trustee, HSBC Bank, USA, N.A., Corporate Trust Issuer Services, 452 Fifth Avenue, New York, New York 10018. Except for fees paid to the Corporate Trustee in accordance with the Declaration of Trust, no expense is being charged or paid by the Trust for the office space and office equipment of the Corporate Trustee that is being utilized for the Trust. |
Statements of Cash Receipts and Disbursements (Parenthetical) (USD $)
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3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2014
|
Mar. 31, 2013
|
||||
Operating Cash Flows Direct Method [Abstract] | |||||
Number of Trust Units Outstanding | 277,712 | 277,712 | |||
Settlement with EMI | $ 625,000 | [1] | |||
Disbursements made for Trustee and Transfer Agent fees | $ 4,375 | ||||
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Document and Entity Information
|
3 Months Ended |
---|---|
Mar. 31, 2014
|
|
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2014 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | MMTRS |
Entity Registrant Name | MILLS MUSIC TRUST |
Entity Central Index Key | 0000066496 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 277,712 |
Organization and Summary of Significant Accounting Policies
|
3 Months Ended |
---|---|
Mar. 31, 2014
|
|
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Background 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 pursuant to an asset purchase agreement dated December 5, 1964 (the “Asset Purchase Agreement”). The Contingent Portion amounts are currently payable by EMI Mills Music Inc. (“EMI”), the owner and administrative entity for the copyrighted materials. Pursuant to the Asset Purchase Agreement, 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. is the Corporate Trustee of the Trust (the “Corporate Trustee”), and Lee Eastman and Michael E. Reiss are the Individual Trustees of the Trust (the “Individual Trustees” and together with the Corporate Trustee, the “Trustees”). Proceeds from Contingent Portion Payments The Trust receives quarterly payments of the Contingent Portion from EMI and distributes the amounts it receives to the registered owners of Trust Certificates (the “Unit Holders”) representing interests in the Trust (the “Trust Units”), after payment of, or withholdings in connection with, 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 that EMI makes of the Contingent Portion to the Trust are based on royalty income which the Catalogue generates and EMI collects. The Trust does not own the Catalogue or any copyrights or other intellectual property rights 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 of the Asset Purchase Agreement. The amount of each payment of the Contingent Portion is based on a formula set forth in the Asset Purchase Agreement. For information regarding the calculation of the Contingent Portion and a related dispute between EMI and the Trust see “Contingent Portion Payments” under Part I—Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.
Cash Distributions to Unit Holders The Declaration of Trust provides for the distribution to the Unit Holders of all funds the Trust receives after payment of, or withholdings in connection with, expenses and liabilities of the Trust. The Copyright Catalogue The Catalogue is estimated to be composed of over 25,000 music titles (the “Copyrighted Songs”), of which approximately 1,600 produced royalty income in recent years. EMI has provided the Trust with a listing of the top 50 earning songs in the Catalogue during the 2013 calendar year (the “Top 50 Songs”), together with certain copyright information with respect to each of the Top 50 Songs (the “2013 Listing”). A copy of the 2013 Listing, as provided by EMI, is included in the Trust’s annual report on Form 10-K for the fiscal year ended December 31, 2013. The 2013 Listing does not include any information regarding Copyrighted Songs for the 2014 calendar year. Accounting Policies Payments from EMI to the Trust of the Contingent Portion are typically made in March, June, September and December for the prior calendar quarter. The payments received are accounted for on a cash basis, as are expenses of the Trust. The Declaration of Trust provides for the distribution of the amounts it receives in Contingent Portion payments from EMI to the Unit Holders after payment of, or withholdings in connection with, expenses and liabilities of the Trust. The Trust’s financial statements 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. |
Income Taxes - Additional Information (Detail) (USD $)
|
Mar. 31, 2014
|
---|---|
Income Tax Disclosure [Abstract] | |
Provision for income taxes |
Organization and Summary of Significant Accounting Policies - Additional Information (Detail)
|
3 Months Ended |
---|---|
Mar. 31, 2014
Songs
|
|
Goodwill And Intangible Assets Disclosure [Abstract] | |
Estimated number of songs in Copyright Catalogue | 25,000 |
Number of songs producing royalty income | 1,600 |
Number of copyrighted songs in the top 50 list | 50 |
Songs listed in catalogue for top earnings | EMI has provided the Trust with a listing of the top 50 earning songs in the Catalogue during the 2013 calendar year (the “Top 50 Songs”), together with certain copyright information with respect to each of the Top 50 Songs (the “2013 Listing”). A copy of the 2013 Listing, as provided by EMI, is included in the Trust’s annual report on Form 10-K for the fiscal year ended December 31, 2013. The 2013 Listing does not include any information regarding Copyrighted Songs for the 2014 calendar year. |
Related Party Transactions - Disbursements to Corporate Trustee (Parenthetical) (Detail) (USD $)
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3 Months Ended | 0 Months Ended | |
---|---|---|---|
Mar. 31, 2014
|
Mar. 31, 2013
|
May 09, 2014
Subsequent Event [Member]
|
|
Related Party Transaction [Line Items] | |||
Payment of trustees fee and expenses | $ 11,992 |
Related Party Transactions - Additional Information (Detail) (USD $)
|
3 Months Ended |
---|---|
Mar. 31, 2014
|
|
Related Party Transactions [Abstract] | |
Trustee annual compensation | $ 2,500 |
Aggregate compensation percentage to Trustees | 3.00% |
Expenses charged or paid by Trust |
Related Party Transactions - Disbursements to Corporate Trustee (Detail) (USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2014
|
Mar. 31, 2013
|
|
Related Party Transaction [Line Items] | ||
Trustee fees | $ 2,500 | |
Totals | 0 | 0 |
Corporate [Member]
|
||
Related Party Transaction [Line Items] | ||
Trustee fees | 0 | 0 |
Individual [Member]
|
||
Related Party Transaction [Line Items] | ||
Trustee fees | $ 0 | $ 0 |
Subsequent Events (Additional Information) (Detail) (Subsequent Event [Member], USD $)
|
0 Months Ended |
---|---|
May 15, 2014
|
|
Subsequent Event [Member]
|
|
Subsequent Event [Line Items] | |
Compensation sought | $ 200,000 |
Income Taxes
|
3 Months Ended |
---|---|
Mar. 31, 2014
|
|
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 2. INCOME TAXES No provision for income taxes has been made since the liability therefore is that of the Unit Holders and not the Trust. |
Related Party Transactions (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2014
|
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disbursements to Corporate Trustee | Pursuant to the Declaration of Trust, disbursements were made as follows to the Trustees for the three months ended March 31, 2014 and March 31, 2013:
|