EXHIBIT 3.2
 BYLAWS
OF
HELIOS & MATHESON NORTH AMERICA INC.,
A Delaware corporation
 ARTICLE I  OFFICES
 1. REGISTERED OFFICE AND AGENT
  2. PRINCIPAL OFFICE
  3. OTHER OFFICES
  ARTICLE II  SHAREHOLDERS
 1. ANNUAL MEETING
  2. SPECIAL SHAREHOLDERS MEETINGS
  Helios & Matheson North America Inc. Bylaws
    
    Page 1 of 22




---



##### 



3. TIME AND PLACE OF MEETING
  4. NOTICE OF SHAREHOLDERS MEETING
    Helios & Matheson North America Inc. Bylaws
    
    Page 2 of 22




---



##### 



5. FIXING RECORD DATES FOR MATTERS OTHER THAN CONSENTS TO ACTION
  Helios & Matheson North America Inc. Bylaws
    
    Page 3 of 22




---



##### 



6. FIXING RECORD DATES CONSENTS TO ACTION
  7. VOTING LISTS
  Helios & Matheson North America Inc. Bylaws
    
    Page 4 of 22




---



##### 



8. VOTING OF SHARES AND PROXIES
    Helios & Matheson North America Inc. Bylaws
    
    Page 5 of 22




---



##### 



Helios & Matheson North America Inc. Bylaws
    
    Page 6 of 22




---



##### 



9. QUORUM OF SHAREHOLDERS
    Helios & Matheson North America Inc. Bylaws
    
    Page 7 of 22




---



##### 



10. ACTION BY SHAREHOLDERS WITHOUT MEETING
    Helios & Matheson North America Inc. Bylaws
    
    Page 8 of 22




---



##### 



11. REDEMPTION OF SHARES
  ARTICLE III  DIRECTORS
 1. BOARD OF DIRECTORS
    2. NUMBER AND ELECTION OF DIRECTORS
  Helios & Matheson North America Inc. Bylaws
    
    Page 9 of 22




---



##### 



3. REMOVAL
  4. RESIGNATION
  5. VACANCIES AND INCREASE IN NUMBER OF DIRECTORS
    Helios & Matheson North America Inc. Bylaws
    
    Page 10 of 22




---



##### 



6. ANNUAL MEETING OF DIRECTORS
  7. REGULAR MEETING OF DIRECTORS
  8. SPECIAL MEETINGS OF DIRECTORS
  9. PLACE OF DIRECTORS MEETINGS
  10. NOTICE OF DIRECTORS MEETINGS
  Helios & Matheson North America Inc. Bylaws
    
    Page 11 of 22




---



##### 



11. QUORUM OF DIRECTORS
  Helios & Matheson North America Inc. Bylaws
    
    Page 12 of 22




---



##### 



12. COMPENSATION
  13. UNANIMOUS WRITTEN CONSENT OF DIRECTORS OR COMMITTEE MEMBERS
  14. COMMITTEES OF THE BOARD OF DIRECTORS
      Helios & Matheson North America Inc. Bylaws
    
    Page 13 of 22




---



##### 



Helios & Matheson North America Inc. Bylaws
    
    Page 14 of 22




---



##### 



ARTICLE IV  OFFICERS
 1. NUMBER OF OFFICERS
  2. ELECTION OF OFFICERS
   3. POWERS OF OFFICERS
   Helios & Matheson North America Inc. Bylaws
    
    Page 15 of 22




---



##### 



4. CHIEF EXECUTIVE OFFICER AND PRESIDENT
    5. VICE-PRESIDENTS
  6. SECRETARY AND ASSISTANT SECRETARIES
  Helios & Matheson North America Inc. Bylaws
    
    Page 16 of 22




---



##### 



7. CHIEF FINANCIAL OFFICER AND TREASURER
     Helios & Matheson North America Inc. Bylaws
    
    Page 17 of 22




---



##### 



ARTICLE V  SHARES: STOCK CERTIFICATES, ISSUANCE, TRANSFER, ETC.
 1. CERTIFICATES OF STOCK
   2. LOST CERTIFICATES
  3. TRANSFERS OF STOCK
  4. REGISTERED STOCKHOLDERS
  Helios & Matheson North America Inc. Bylaws
    
    Page 18 of 22




---



##### 



5. UNCERTIFICATED SHARES
  ARTICLE VI  DIVIDEND AND DISTRIBUTIONS
 1. DECLARATION
  2. RESERVES
  ARTICLE VII  INDEMNIFICATION AND INSURANCE
 1. INDEMNIFICATION
  Helios & Matheson North America Inc. Bylaws
    
    Page 19 of 22




---



##### 



2. INSURANCE
  ARTICLE VIII  MISCELLANEOUS
 1. WAIVER OF NOTICE
  2. USE OF ELECTRONIC TRANSMISSION
   Helios & Matheson North America Inc. Bylaws
    
    Page 20 of 22




---



##### 



3. MEETINGS BY TELEPHONE CONFERENCE OR OTHER REMOTE COMMUNICATIONS TECHNOLOGY
  4. SEAL
  5. CHECKS, DRAFTS, ETC.
  6. FISCAL YEAR
  ARTICLE IX  CONSTRUCTION
 1. PRONOUNS AND HEADINGS
  Helios & Matheson North America Inc. Bylaws
    
    Page 21 of 22




---



##### 



2. INVALID PROVISIONS
  3. REFERENCES TO EXISTING STATUTES
  ARTICLE X  AMENDMENT OF BYLAWS
   /s/ Salvatore M. Quadrino

Salvatore M. Quadrino, Interim Chief Executive Officerand Secretary
 Helios & Matheson North America Inc. Bylaws
    
    Page 22 of 22