Document:

EX-4.5

                                     FORM OF

                                WARRANT AGREEMENT

        This Warrant Agreement (this "Agreement") made as of _________ __, 2006,
by and between Media &  Entertainment  Holdings,  Inc., a Delaware  corporation,
with offices at 4429 Edmondson  Avenue,  Dallas,  Texas 75205  ("Company"),  and
Continental Stock Transfer & Trust Company, a New York corporation, with offices
at 17 Battery Place, New York, New York 10004 ("Warrant Agent").

        WHEREAS, the Company is engaged in a public offering ("Public Offering")
of Units  ("Units")  and, in connection  therewith,  has determined to issue and
deliver up to 12,420,000  warrants ("Public  Warrants") to the public investors,
each of such  Public  Warrants  evidencing  the right of the  holder  thereof to
purchase one share of common stock, par value $.0001 per share, of the Company's
Common Stock  ("Common  Stock") for $5.00,  subject to  adjustment  as described
herein; and

        WHEREAS,  the Company has  determined to issue and deliver up to 540,000
warrants ("Underwriters' Warrants") to Lazard Capital Markets LLC ("Lazard") and
Ladenburg Thalmann & Co. Inc. ("Ladenburg" and together being referred to herein
as the  "Co-Representatives")  or their  designees,  each of such  Underwriters'
Warrants  evidencing  the right of the holder  thereof to purchase  one share of
Common  Stock  for  $7.50,  subject  to  adjustment  as  described  herein  (the
Underwriters'  Warrants  together with the Public  Warrants,  being  referred to
herein as the "Warrants"),

        WHEREAS,  the  Company  has  filed  with  the  Securities  and  Exchange
Commission a Registration  Statement,  No. 333-128218 on Form S-1 ("Registration
Statement")  for the  registration  under the Securities Act of 1933, as amended
("Act") of, among other  securities,  the Warrants and the Common Stock issuable
upon exercise of the Warrants; and

        WHEREAS,  the Company  desires the Warrant Agent to act on behalf of the
Company,  and the  Warrant  Agent is willing to so act, in  connection  with the
issuance,  registration,  transfer,  exchange,  redemption  and  exercise of the
Warrants; and

        WHEREAS,  the Company  desires to provide for the form and provisions of
the Warrants,  the terms upon which they shall be issued and exercised,  and the
respective  rights,  limitation of rights,  and  immunities of the Company,  the
Warrant Agent, and the holders of the Warrants; and

        WHEREAS,  all acts and  things  have been done and  performed  which are
necessary  to make the  Warrants,  when  executed  on behalf of the  Company and
countersigned  by or on behalf of the Warrant  Agent,  as provided  herein,  the
valid,  binding and legal  obligations  of the  Company,  and to  authorize  the
execution and delivery of this Agreement.

        NOW,  THEREFORE,  in  consideration  of  the  mutual  agreements  herein
contained, the parties hereto agree as follows:

1.      APPOINTMENT  OF WARRANT AGENT.  The Company hereby  appoints the Warrant
Agent to act as agent for the Company for the  Warrants,  and the Warrant  Agent
hereby accepts such

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appointment and agrees to perform the same in accordance with the terms and
conditions set forth in this Agreement.

2.      WARRANTS.

        2.1     FORM OF WARRANT. Each Public Warrant and Underwriters'  Warrants
shall be issued in registered form only, shall be in substantially  the forms of
Exhibit A and  Exhibit  B  hereto,  respectively,  the  provisions  of which are
incorporated  herein and shall be signed by, or bear the facsimile signature of,
the Chairman of the Board or Chief Executive Officer and Treasurer, Secretary or
Assistant  Secretary of the Company and shall bear a facsimile of the  Company's
seal. In the event the person whose facsimile signature has been placed upon any
Warrant  shall have ceased to serve in the capacity in which such person  signed
the Warrant before such Warrant is issued, it may be issued with the same effect
as if he or she had not ceased to be such at the date of issuance.

        2.2     EFFECT OF  COUNTERSIGNATURE.  Unless and until  countersigned by
the Warrant Agent pursuant to this Agreement,  a Warrant shall be invalid and of
no effect and may not be exercised by the holder thereof.

        2.3     REGISTRATION.

                2.3.1   WARRANT REGISTER. The Warrant Agent shall maintain books
("Warrant   Register")  for  the  registration  of  original  issuance  and  the
registration  of transfer  of the  Warrants.  Upon the  initial  issuance of the
Warrants,  the Warrant  Agent shall issue and register the Warrants in the names
of the  respective  holders  thereof  in such  denominations  and  otherwise  in
accordance with instructions delivered to the Warrant Agent by the Company.

                2.3.2   REGISTERED   HOLDER.   Prior  to  due   presentment  for
registration  of transfer of any Warrant,  the Company and the Warrant Agent may
deem and treat the person in whose name such Warrant  shall be  registered  upon
the  Warrant  Register  ("registered  holder"),  as the  absolute  owner of such
Warrant and of each Warrant represented thereby (notwithstanding any notation of
ownership or other writing on the Warrant  Certificate made by anyone other than
the Company or the Warrant Agent), for the purpose of any exercise thereof,  and
for all other  purposes,  and neither the Company nor the Warrant Agent shall be
affected by any notice to the contrary.

        2.4 DETACHABILITY OF WARRANTS.  The securities comprising the Units will
not be  separately  transferable  until 90 days after the date hereof unless the
Co-Representatives  inform  the  Company  of their  decision  to  allow  earlier
separate  trading,  but in no event will the  Co-Representatives  allow separate
trading of the  securities  comprising  the Units until (i) the Company  files a
Current Report on Form 8-K, which includes an audited  balance sheet  reflecting
the  receipt  by the  Company  of the  gross  proceeds  of the  Public  Offering
including  the  proceeds  received  by the  Company  from  the  exercise  of the
Underwriter's  over-allotment  option, if the over-allotment option is exercised
prior to the  filing of the Form 8-K and (ii) at least  five  days  have  passed
since the distribution of the Units in the Public Offering has been completed.

        2.5     PUBLIC WARRANTS AND  UNDERWRITERS'  WARRANTS.  The Underwriters'
Warrants  shall  have  the same  terms  and be in the  same  form as the  Public
Warrants.

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3.      TERMS AND EXERCISE OF WARRANTS.

        3.1     WARRANT PRICE. Each Public Warrant shall, when  countersigned by
the  Warrant  Agent,  entitle  the  registered  holder  thereof,  subject to the
provisions  of such Public  Warrant and of this Warrant  Agreement,  to purchase
from the Company the number of shares of Common  Stock  stated  therein,  at the
price of $5.00 per whole share, subject to the adjustments provided in Section 4
hereof and in the last sentence of this Section 3.1. Each Underwriters'  Warrant
shall,  when  countersigned by the Warrant Agent,  entitle the registered holder
thereof,  subject to the  provisions of such  Underwriters'  Warrant and of this
Warrant  Agreement,  to purchase from the Company the number of shares of Common
Stock  stated  therein,  at the price of $7.50 per whole  share,  subject to the
adjustments  provided  in  Section  4 hereof  and in the last  sentence  of this
Section 3.1. The term "Warrant Price" as used in this Warrant  Agreement  refers
to the price  per share at which  Common  Stock may be  purchased  at the time a
Warrant is exercised.  The Company in its sole  discretion may lower the Warrant
Price at any time prior to the Expiration  Date for a period of not less than 10
business days; provided that any such reduction shall be identical in percentage
terms among all of the Warrants.

        3.2     DURATION OF WARRANTS. A Warrant may be exercised only during the
period  ("Exercise  Period")  commencing on the later of the consummation by the
Company of a merger, capital stock exchange,  asset acquisition or other similar
business  combination  ("Business  Combination") (as described more fully in the
Company's  Registration  Statement) or _________ ___,  2007, and  terminating at
5:00 p.m.,  New York City time on the earlier to occur of (i) ________ ___, 2011
or (ii) the date fixed for  redemption  of the Warrants as provided in Section 6
of this  Agreement  ("Expiration  Date").  Except  with  respect to the right to
receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant
not exercised on or before the Expiration Date shall become void, and all rights
thereunder and all rights in respect thereof under this Agreement shall cease at
the close of business on the Expiration Date. The Company in its sole discretion
may extend the  duration  of the  Warrants  by  delaying  the  Expiration  Date;
provided, however, that the Company will provide notice to registered holders of
the Warrants of such extension of not less than 20 days; provided, further, that
any such extension shall be identical in duration among all of the Warrants.

        3.3     EXERCISE OF WARRANTS.

                3.3.1   PAYMENT.  Subject to the  provisions  of the Warrant and
this Warrant Agreement,  a Warrant, when countersigned by the Warrant Agent, may
be exercised by the registered  holder thereof by surrendering it, at the office
of the Warrant Agent, or at the office of its successor as Warrant Agent, in the
Borough of Manhattan, City and State of New York, with the subscription form, as
set forth in the Warrant, duly executed,  and by paying in full, in lawful money
of the United States,  in cash,  good certified check or good bank draft payable
to the order of the  Company,  the  Warrant  Price for each full share of Common
Stock as to which the Warrant is exercised and any and all applicable  taxes due
in connection with the exercise of the Warrant,  the exchange of the Warrant for
the Common Stock, and the issuance of the Common Stock.

                3.3.2   ISSUANCE OF CERTIFICATES.  As soon as practicable  after
the  exercise of any Warrant  and the  clearance  of the funds in payment of the
Warrant Price, the Company shall issue to the registered  holder of such Warrant
a certificate or  certificates  for the number of full shares

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of Common Stock to which he is entitled, registered in such name or names as may
be directed by him, and if such Warrant shall not have been exercised in full, a
new  countersigned  Warrant  for the number of shares as to which  such  Warrant
shall not have been exercised.  Notwithstanding the foregoing, the Company shall
not be obligated to deliver any securities pursuant to the exercise of a Warrant
and  shall  have  no  obligation  to  settle  the  Warrant   exercise  unless  a
registration  statement  under  the Act  with  respect  to the  Common  Stock is
effective,  subject to the Company  satisfying its obligations under Section 7.4
to use its best efforts. In the event that a registration statement with respect
to the Common  Stock  underlying a Warrant is not  effective  under the Act, the
holder of such Warrant  shall not be entitled to exercise such Warrant and in no
event  (whether in the case of a registration  statement not being  effective or
otherwise) will the Company be required to net cash settle the warrant exercise.
Warrants may not be exercised by, or securities issued to, any registered holder
in any  state in which  such  exercise  would be  unlawful.  As a result  of the
provisions  of  this  Section  3.3.2,  any or all of  the  warrants  may  expire
unexercised.

                3.3.3   VALID  ISSUANCE.  All shares of Common Stock issued upon
the proper  exercise of a Warrant in  conformity  with this  Agreement  shall be
validly issued, fully paid and nonassessable.

                3.3.4   DATE OF  ISSUANCE.  Each  person in whose  name any such
certificate  for  shares of Common  Stock is issued  shall for all  purposes  be
deemed to have  become the holder of record of such  shares on the date on which
the  Warrant  was  surrendered  and  payment  of the  Warrant  Price  was  made,
irrespective  of the date of delivery of such  certificate,  except that, if the
date of such  surrender and payment is a date when the stock  transfer  books of
the Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business  on the next  succeeding  date on which the
stock transfer books are open.

4.      ADJUSTMENTS.

        4.1     STOCK DIVIDENDS SPLIT UPS. If after the date hereof, and subject
to the  provisions  of Section 4.6, the number of  outstanding  shares of Common
Stock is increased by a stock dividend  payable in shares of Common Stock, or by
a split up of shares of Common  Stock,  or other  similar  event,  then,  on the
effective date of such stock dividend,  split up or similar event, the number of
shares  issuable on exercise of each Warrant shall be increased in proportion to
such increase in outstanding shares.

        4.2     AGGREGATION OF SHARES. If after the date hereof,  and subject to
the provisions of Section 4.6, the number of outstanding  shares of Common Stock
is  decreased  by  a   consolidation,   combination,   reverse  stock  split  or
reclassification  of shares of Common Stock or other similar event, then, on the
effective  date  of  such  consolidation,   combination,  reverse  stock  split,
reclassification  or similar event, the number of shares issuable on exercise of
each Warrant shall be decreased in  proportion  to such decrease in  outstanding
shares.

        4.3     ADJUSTMENTS IN EXERCISE PRICE.  Whenever the number of shares of
Common Stock  purchasable  upon the  exercise of the  Warrants is  adjusted,  as
provided in Section 4.1 and 4.2 above,  the Warrant  Price shall be adjusted (to
the nearest cent) by multiplying  such Warrant Price  immediately  prior to such
adjustment  by a  fraction  (x) the  numerator  of which  shall be the number of
shares of Common Stock purchasable upon the exercise of the Warrants immediately
prior to such  adjustment,  and (y) the denominator of which shall be the number
of shares of Common Stock so purchasable immediately thereafter.

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        4.4     REPLACEMENT OF SECURITIES UPON  REORGANIZATION,  ETC. In case of
any reclassification or reorganization of the outstanding shares of Common Stock
(other than a change covered by Section 4.1 or 4.2 hereof or that solely affects
the par value of such shares of Common  Stock),  or in the case of any merger or
consolidation  of the Company  with or into  another  corporation  (other than a
consolidation  or merger in which the Company is the continuing  corporation and
that  does  not  result  in  any   reclassification  or  reorganization  of  the
outstanding shares of Common Stock), or in the case of any sale or conveyance to
another  corporation or entity of the assets or other property of the Company as
an entirety or substantially as an entirety in connection with which the Company
is dissolved,  the Warrant  holders shall  thereafter have the right to purchase
and receive,  upon the basis and upon the terms and conditions  specified in the
Warrants  and in lieu of the shares of Common  Stock of the Company  immediately
theretofore   purchasable  and  receivable  upon  the  exercise  of  the  rights
represented  thereby, the kind and amount of shares of stock or other securities
or   property   (including   cash)   receivable   upon  such   reclassification,
reorganization,  merger or  consolidation,  or upon a dissolution  following any
such sale or  transfer,  by a Warrant  holder of the  number of shares of Common
Stock of the Company obtainable upon exercise of the Warrants  immediately prior
to such event; and if any reclassification also results in a change in shares of
Common Stock covered by Section 4.1 or 4.2, then such  adjustment  shall be made
pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The  provisions of this
Section   4.4   shall   similarly   apply   to   successive   reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

        4.5     NOTICES OF  CHANGES IN  WARRANT.  Upon every  adjustment  of the
Warrant  Price or the number of shares  issuable on  exercise of a Warrant,  the
Company shall give written  notice  thereof to the Warrant  Agent,  which notice
shall state the Warrant Price resulting from such adjustment and the increase or
decrease,  if any,  in the number of shares  purchasable  at such price upon the
exercise  of a  Warrant,  setting  forth in  reasonable  detail  the  method  of
calculation  and the facts  upon  which  such  calculation  is  based.  Upon the
occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any
such event, the Company shall give written notice to the Warrant holder,  at the
last  address set forth for such holder in the warrant  register,  of the record
date or the  effective  date of the event.  Failure to give such notice,  or any
defect therein, shall not affect the legality or validity of such event.

        4.6     NO FRACTIONAL SHARES. Notwithstanding any provision contained in
this Warrant  Agreement to the contrary,  the Company shall not issue fractional
shares upon exercise of Warrants.  If, by reason of any adjustment made pursuant
to this  Section  4, the  holder  of any  Warrant  would be  entitled,  upon the
exercise of such  Warrant,  to receive a  fractional  interest  in a share,  the
Company  shall,  upon such  exercise,  round up to the nearest  whole number the
number of the shares of Common Stock to be issued to the Warrant holder.

        4.7     FORM OF WARRANT.  The forms of Public Warrant and  Underwriters'
Warrant need not be changed  because of any adjustment  pursuant to this Section
4, and Warrants  issued after such  adjustment  may state the same Warrant Price
and the same  number of shares as is  stated in the  Warrants  initially  issued
pursuant  to this  Agreement.  However,  the Company may at any time in its sole
discretion  make any change in the form of  Warrant  that the  Company  may deem
appropriate  and that does not affect the  substance  thereof,  and any  Warrant
thereafter issued or

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countersigned, whether in exchange or substitution for an outstanding Warrant or
otherwise, may be in the form as so changed.

        4.8     NOTICE OF CERTAIN  TRANSACTIONS.  In the event that the  Company
shall  propose to (a) offer the holders of its Common  Stock rights to subscribe
for or to purchase  any  securities  convertible  into shares of Common Stock or
shares of stock of any class or any other  securities,  rights or  options,  (b)
issue any rights,  options or warrants  entitling the holders of Common Stock to
subscribe  for  shares of Common  Stock or (c) make a tender  offer or  exchange
offer with respect to the Common  Stock,  the Company  shall send to the Warrant
holders a notice of such proposed  action or offer.  Such notice shall be mailed
to the  registered  holders at their  addresses  as they  appear in the  Warrant
Register, which shall specify the record date for the purposes of such dividend,
distribution or rights,  or the date such issuance or event is to take place and
the date of  participation  therein by the holders of Common Stock,  if any such
date is to be fixed, and shall briefly indicate the effect of such action on the
Common  Stock and on the  number  and kind of any  other  shares of stock and on
other  property,  if any,  and the  number of  shares of Common  Stock and other
property,  if any,  issuable upon exercise of each Warrant and the Warrant Price
after giving effect to any adjustment  pursuant to this Article 4 which would be
required as a result of such  action.  Such notice shall be given as promptly as
practicable  after the Board of  Directors  of the  Company  (the  "Board")  has
determined to take any such action and (x) in the case of any action  covered by
clause  (a) or (b)  above  at  least  10  days  prior  to the  record  date  for
determining  the holders of the Common  Stock for purposes of such action or (y)
in the case of any other  such  action at least 20 days prior to the date of the
taking of such  proposed  action  or the date of  participation  therein  by the
holders of Common Stock, whichever shall be the earlier.

        4.9     OTHER  EVENTS.  If any event  occurs  as to which the  foregoing
rovisions  of this  Article  4 are not  strictly  applicable  or,  if  strictly
applicable,  would not,  in the good  faith  judgment  of the Board,  fairly and
adequately protect the purchase rights of the registered holders of the Warrants
in accordance with the essential intent and principles of such provisions,  then
the Board shall make such adjustments in the application of such provisions,  in
accordance  with such essential  intent and  principles,  as shall be reasonably
necessary,  in the good faith  opinion of the Board,  to protect  such  purchase
rights as aforesaid.

5.      TRANSFER AND EXCHANGE OF WARRANTS.

        5.1     REGISTRATION  OF TRANSFER.  The Warrant Agent shall register the
transfer,  from  time to time,  of any  outstanding  Warrant  upon  the  Warrant
Register,  upon surrender of such Warrant for transfer,  properly  endorsed with
signatures properly  guaranteed and accompanied by appropriate  instructions for
transfer.  Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the
Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent
to the Company from time to time upon request.

        5.2     PROCEDURE FOR SURRENDER OF WARRANTS. Warrants may be surrendered
to the Warrant Agent,  together with a written request for exchange or transfer,
and thereupon the Warrant Agent shall issue in exchange therefor one or more new
Warrants as requested by the registered  holder of the Warrants so  surrendered,
representing an equal aggregate number of Warrants;  provided,  however, that in
the event that a Warrant  surrendered  for transfer bears a

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restrictive  legend,  the Warrant  Agent shall not cancel such Warrant and issue
new  Warrants  in exchange  therefor  until the  Warrant  Agent has  received an
opinion of counsel for the Company  stating  that such  transfer may be made and
indicating whether the new Warrants must also bear a restrictive legend.

        5.3     FRACTIONAL WARRANTS.  The Warrant Agent shall not be required to
effect any  registration  of  transfer  or  exchange  which  will  result in the
issuance of a warrant certificate for a fraction of a warrant.

        5.4     SERVICE  CHARGES.  No  service  charge  shall  be  made  for any
exchange or registration of transfer of Warrants.

        5.5     WARRANT  EXECUTION  AND  COUNTERSIGNATURE.  The Warrant Agent is
hereby authorized to countersign and to deliver, in accordance with the terms of
this Agreement, the Warrants required to be issued pursuant to the provisions of
this Section 5, and the Company,  whenever  required by the Warrant Agent,  will
supply the Warrant  Agent with  Warrants  duly executed on behalf of the Company
for such purpose.

6.      REDEMPTION.

        6.1     REDEMPTION.  Subject to Section 6.4 hereof, not less than all of
the outstanding  Warrants may be redeemed,  at the option of the Company, at any
time after they become exercisable and prior to their expiration,  at the office
of the Warrant Agent,  upon the notice  referred to in Section 6.2, at the price
of $.01 per Warrant ("Redemption Price"),  provided that the last sales price of
the Common Stock has been equal to or greater than $11.50 per share,  on each of
twenty (20) trading days within any thirty (30) trading day period ending on the
third business day prior to the date on which notice of redemption is given. The
provisions of this Section 6.1 may not be modified,  amended or deleted  without
the prior written consent of the Co-Representatives.

        6.2     DATE FIXED FOR,  AND  NOTICE  OF,  REDEMPTION.  In the event the
Company shall elect to redeem all of the Warrants,  the Company shall fix a date
for the  redemption.  Notice of redemption  shall be mailed by first class mail,
postage  prepaid,  by the  Company not less than 30 days prior to the date fixed
for redemption to the registered holders of the Warrants to be redeemed at their
last addresses as they shall appear on the registration books. Any notice mailed
in the manner herein provided shall be  conclusively  presumed to have been duly
given whether or not the registered holder received such notice.

        6.3     EXERCISE  AFTER  NOTICE  OF  REDEMPTION.  The  Warrants  may  be
exercised,  for cash or on a "cashless  basis",  in accordance with Section 3 of
this  Agreement at any time after notice of redemption  shall have been given by
the Company  pursuant to Section 6.2 hereof and prior to the time and date fixed
for  redemption.  On and after the  redemption  date,  the record  holder of the
Warrants shall have no further  rights except to receive,  upon surrender of the
Warrants, the Redemption Price.

        6.4     OUTSTANDING  WARRANTS  ONLY.  The Company  understands  that the
redemption  rights  provided  for by this  Section 6 apply  only to  outstanding
Warrants.  To the  extent a person  holds  rights  to  purchase  Warrants,  such
purchase rights shall not be extinguished by redemption.

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However,  once such purchase  rights are  exercised,  the Company may redeem the
Warrants issued upon such exercise  provided that the criteria for redemption is
met,  including  the  opportunity  of the Warrant  holder to  exercise  prior to
redemption  pursuant to Section 6.3. The  provisions of this Section 6.4 may not
be  modified,  amended  or  deleted  without  the prior  written  consent of the
Co-Representatives.

7.      OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS.

        7.1     NO  RIGHTS  AS  STOCKHOLDER.  A  Warrant  does not  entitle  the
registered  holder thereof to any of the rights of a stockholder of the Company,
including,  without  limitation,  the  right  to  receive  dividends,  or  other
distributions,  exercise  any  preemptive  rights  to vote or to  consent  or to
receive notice as stockholders in respect of the meetings of stockholders or the
election of directors of the Company or any other matter.

        7.2     LOST, STOLEN,  MUTILATED,  OR DESTROYED WARRANTS. If any Warrant
is lost, stolen,  mutilated, or destroyed, the Company and the Warrant Agent may
on such  terms as to  indemnity  or  otherwise  as they may in their  discretion
impose (which shall, in the case of a mutilated  Warrant,  include the surrender
thereof),  issue a new  Warrant  of like  denomination,  tenor,  and date as the
Warrant so lost,  stolen,  mutilated,  or destroyed.  Any such new Warrant shall
constitute a substitute  contractual  obligation of the Company,  whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time
enforceable by anyone.

        7.3     RESERVATION  OF COMMON  STOCK.  The  Company  shall at all times
reserve and keep  available a number of its  authorized  but unissued  shares of
Common  Stock  that will be  sufficient  to permit the  exercise  in full of all
outstanding Warrants issued pursuant to this Agreement.

        7.4     REGISTRATION  OF COMMON STOCK.  The Company agrees that prior to
the  commencement  of the  Exercise  Period,  it shall use its best  efforts  to
prepare and file with the  Securities and Exchange  Commission a  post-effective
amendment to the Registration Statement,  or a new registration  statement,  for
the registration, under the Act, of, and it shall use its best efforts take such
action  as is  necessary  to  qualify  for  sale,  in those  states in which the
Warrants  were  initially  offered by the Company and the Common Stock  issuable
upon  exercise of the  Warrants.  In either case,  the Company will use its best
efforts to cause the same to become effective on or prior to the commencement of
the Exercise  Period and use its best efforts to maintain the  effectiveness  of
such  registration  statement until the expiration of the Warrants in accordance
with the provisions of this Agreement; provided, however, that the Company shall
not be obligated to deliver  securities and shall not have penalties for failure
to deliver securities,  if a registration statement is not effective at the time
of  exercise  by the  holder.  The  provisions  of this  Section  7.4 may not be
modified,   amended  or  deleted  without  the  prior  written  consent  of  the
Co-Representatives.

8.      CONCERNING THE WARRANT AGENT AND OTHER MATTERS.

        8.1     PAYMENT OF TAXES.  The Company  will from time to time  promptly
pay all taxes and  charges  that may be imposed  upon the Company or the Warrant
Agent in respect of the  issuance or delivery of shares of Common Stock upon the
exercise of Warrants, but the Company shall not be obligated to pay any transfer
taxes in respect of the Warrants or such shares.

                                       8
<PAGE>

        8.2     RESIGNATION, CONSOLIDATION, OR MERGER OF WARRANT AGENT.

                8.2.1   APPOINTMENT  OF  SUCCESSOR  WARRANT  AGENT.  The Warrant
Agent, or any successor to it hereafter appointed,  may resign its duties and be
discharged from all further duties and liabilities  hereunder after giving sixty
(60) days' notice in writing to the Company.  If the office of the Warrant Agent
becomes  vacant by  resignation  or incapacity to act or otherwise,  the Company
shall  appoint  in writing a  successor  Warrant  Agent in place of the  Warrant
Agent. If the Company shall fail to make such appointment  within a period of 30
days after it has been notified in writing of such  resignation or incapacity by
the Warrant Agent or by the holder of the Warrant (who shall,  with such notice,
submit  his  Warrant  for  inspection  by the  Company),  then the holder of any
Warrant may apply to the  Supreme  Court of the State of New York for the County
of New York for the  appointment  of a successor  Warrant Agent at the Company's
cost.. Any successor Warrant Agent,  whether appointed by the Company or by such
court, shall be a corporation organized and existing under the laws of the State
of New York, in good standing and having its principal  office in the Borough of
Manhattan,  City and  State of New  York,  and  authorized  under  such  laws to
exercise  corporate  trust powers and subject to  supervision  or examination by
federal or state authority. After appointment, any successor Warrant Agent shall
be vested  with all the  authority,  powers,  rights,  immunities,  duties,  and
obligations of its  predecessor  Warrant Agent with like effect as if originally
named as Warrant Agent  hereunder,  without any further act or deed;  but if for
any reason it becomes  necessary or appropriate,  the predecessor  Warrant Agent
shall  execute  and  deliver,  at the  expense  of the  Company,  an  instrument
transferring  to such  successor  Warrant Agent all the authority,  powers,  and
rights of such  predecessor  Warrant  Agent  hereunder;  and upon request of any
successor  Warrant  Agent the Company  shall  make,  execute,  acknowledge,  and
deliver  any and all  instruments  in  writing  for more  fully and  effectually
vesting in and  confirming to such successor  Warrant Agent all such  authority,
powers, rights, immunities, duties, and obligations.

                8.2.2   NOTICE  OF  SUCCESSOR  WARRANT  AGENT.  In the  event  a
successor  Warrant  Agent  shall be  appointed,  the  Company  shall give notice
thereof to the  predecessor  Warrant Agent and the transfer agent for the Common
Stock not later than the effective date of any such appointment.

                8.2.3   MERGER  OR   CONSOLIDATION   OF   WARRANT   AGENT.   Any
corporation  into which the Warrant  Agent may be merged or with which it may be
consolidated or any corporation  resulting from any merger or  consolidation  to
which the Warrant  Agent shall be a party shall be the  successor  Warrant Agent
under this Agreement without any further act.

        8.3     FEES AND EXPENSES OF WARRANT AGENT.

                8.3.1   REMUNERATION.  The  Company  agrees  to pay the  Warrant
Agent  reasonable  remuneration for its services as such Warrant Agent hereunder
and will reimburse the Warrant Agent upon demand for all  expenditures  that the
Warrant Agent may reasonably incur in the execution of its duties hereunder.

                8.3.2   FURTHER  ASSURANCES.  The  Company  agrees  to  perform,
execute,   acknowledge,  and  deliver  or  cause  to  be  performed,   executed,
acknowledged,  and delivered all such further and other acts,  instruments,  and
assurances  as may  reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.

                                       9
<PAGE>

        8.4     LIABILITY OF WARRANT AGENT.

                8.4.1   RELIANCE   ON  COMPANY   STATEMENT.   Whenever   in  the
performance of its duties under this Warrant Agreement,  the Warrant Agent shall
deem it necessary or desirable  that any fact or matter be proved or established
by the Company prior to taking or suffering any action  hereunder,  such fact or
matter  (unless  other  evidence  in  respect  thereof  be  herein  specifically
prescribed)  may be  deemed  to be  conclusively  proved  and  established  by a
statement  signed by the  President  or Chairman of the Board of the Company and
delivered to the Warrant  Agent.  The Warrant Agent may rely upon such statement
for any action taken or suffered in good faith by it pursuant to the  provisions
of this Agreement.

                8.4.2   INDEMNITY.  The Warrant Agent shall be liable  hereunder
only for its own negligence, willful misconduct or bad faith. The Company agrees
to  indemnify  the  Warrant  Agent  and  save it  harmless  against  any and all
liabilities,  including  judgments,  costs  and  reasonable  counsel  fees,  for
anything done or omitted by the Warrant Agent in the execution of this Agreement
except as a result of the Warrant Agent's negligence, willful misconduct, or bad
faith.

                8.4.3   EXCLUSIONS.    The   Warrant   Agent   shall   have   no
responsibility with respect to the validity of this Agreement or with respect to
the validity or execution of any Warrant (except its countersignature  thereof);
nor shall it be  responsible  for any breach by the  Company of any  covenant or
condition  contained  in this  Agreement  or in any  Warrant;  nor  shall  it be
responsible to make any  adjustments  required under the provisions of Section 4
hereof or responsible for the manner,  method,  or amount of any such adjustment
or the  ascertaining  of the  existence  of facts  that would  require  any such
adjustment;   nor  shall  it  by  any  act  hereunder  be  deemed  to  make  any
representation  or warranty as to the authorization or reservation of any shares
of Common Stock to be issued  pursuant to this Agreement or any Warrant or as to
whether any shares of Common  Stock will when issued be valid and fully paid and
nonassessable.

        8.5     ACCEPTANCE  OF AGENCY.  The  Warrant  Agent  hereby  accepts the
agency  established  by this  Agreement  and agrees to perform the same upon the
terms and  conditions  herein set forth and among other  things,  shall  account
promptly to the Company  with  respect to Warrants  exercised  and  concurrently
account for, and pay to the Company,  all moneys  received by the Warrant  Agent
for the purchase of shares of the Company's Common Stock through the exercise of
Warrants.

9.      MISCELLANEOUS PROVISIONS.

        9.1     SUCCESSORS.  All the covenants and  provisions of this Agreement
by or for the benefit of the  Company or the Warrant  Agent shall bind and inure
to the benefit of their respective successors and assigns.

        9.2     NOTICES.  Any notice,  statement  or demand  authorized  by this
Warrant  Agreement to be given or made by the Warrant  Agent or by the holder of
any Warrant to or on the Company shall be  sufficiently  given when so delivered
if by hand or overnight delivery or if sent by certified mail or private courier
service  five days after  deposit of such  notice,  postage  prepaid,

                                       10
<PAGE>

addressed  (until  another  address is filed in writing by the Company  with the
Warrant Agent), as follows:

                                  Media & Entertainment Holdings, Inc.
                                         4429 Edmondson Avenue
                                          Dallas, Texas 75205
                          Attn: Herbert A. Granath, Chairman of the Board and
                                        Chief Executive Officer

Any notice, statement or demand authorized by this Agreement to be given or made
by the holder of any Warrant or by the Company to or on the Warrant  Agent shall
be sufficiently  given when so delivered if by hand or overnight  delivery or if
sent by certified  mail or private  courier  service five days after  deposit of
such notice,  postage  prepaid,  addressed  (until  another  address is filed in
writing by the Warrant Agent with the Company), as follows:

                                    Continental Stock Transfer & Trust Company
                                                 17 Battery Place
                                             New York, New York 10004
                                            Attn: Compliance Department

with a copy in each case to:

                                              Greenberg Traurig, LLP
                                                 MetLife Building
                                                  200 Park Avenue
                                             New York, New York 10166
                                             Attn: Alan I. Annex, Esq.
                                               Robert H. Cohen, Esq.

and

                                   Kirkpatrick and Lockhart Nicholson Graham LLP
                                               599 Lexington Avenue
                                             New York, New York 10022
                                           Attn: Robert S. Matlin, Esq.

and

                                            Lazard Capital Markets LLC
                                               30 Rockefeller Plaza
                                             New York, New York 10112
                                             Attention: Robert Lagay

and

                                           Ladenburg Thalmann & Co. Inc.
                                               153 East 53rd Street
                                             New York, New York 10022
                                                Attn: Peter H. Blum

                9.3     APPLICABLE  LAW.  The  validity,   interpretation,   and
performance  of this  Agreement  and of the  Warrants  shall be  governed in all
respects by the laws of the State of New York, without giving effect to conflict
of laws. The Company hereby agrees that any action,  proceeding or claim against
it arising out of or relating in any way to this Agreement  shall be brought and
enforced  in the courts of the State of New York or the United  States  District
Court for the Southern  District of New York,  and  irrevocably  submits to such
jurisdiction,  which

                                       11
<PAGE>

jurisdiction shall be exclusive. The Company hereby waives any objection to such
exclusive  jurisdiction and that such courts  represent an inconvenience  forum.
Any such  process  or  summons to be served  upon the  Company  may be served by
transmitting  a copy thereof by registered  or certified  mail,  return  receipt
requested,  postage prepaid, addressed to it at the address set forth in Section
9.2 hereof. Such mailing shall be deemed personal service and shall be legal and
binding upon the Company in any action, proceeding or claim.

        9.4  PERSONS  HAVING  RIGHTS  UNDER  THIS  AGREEMENT.  Nothing  in  this
Agreement  expressed and nothing that may be implied from any of the  provisions
hereof is  intended,  or shall be  construed,  to confer  upon,  or give to, any
person or corporation  other than the parties hereto and the registered  holders
of the Warrants  and, for the purposes of Sections  2.5,  6.1, 6.4, 7.4, 9.2 and
9.8 hereof,  the  Co-Representatives,  any right,  remedy,  or claim under or by
reason of this Warrant  Agreement or of any  covenant,  condition,  stipulation,
promise, or agreement hereof. The  Co-Representatives  shall be deemed to be the
third-party  beneficiaries  of this Agreement with respect to Sections 2.5, 6.1,
6.4, 7.4, 9.2 and 9.8 hereof. All covenants, conditions, stipulations, promises,
and  agreements  contained in this Warrant  Agreement  shall be for the sole and
exclusive benefit of the parties hereto (and the Co-Representatives with respect
to the Sections 2.5, 6.1, 6.4, 7.4, 9.2 and 9.8 hereof) and their successors and
assigns and of the registered holders of the Warrants.

        9.5     EXAMINATION OF THE WARRANT  AGREEMENT.  A copy of this Agreement
shall be available at all reasonable times at the office of the Warrant Agent in
the Borough of  Manhattan,  City and State of New York,  for  inspection  by the
registered holder of any Warrant.  The Warrant Agent may require any such holder
to submit his Warrant for inspection by it.

        9.6     COUNTERPARTS.  This  Agreement  may be executed in any number of
counterparts and each of such  counterparts  shall for all purposes be deemed to
be an original,  and all such counterparts shall together constitute but one and
the same instrument.

        9.7     EFFECT  OF  HEADINGS.   The  Section  headings  herein  are  for
convenience only and are not part of this Warrant Agreement and shall not affect
the interpretation thereof.

        9.8     AMENDMENTS.  This Agreement may be amended by the parties hereto
without  the  consent of any  registered  holder  for the  purpose of curing any
ambiguity,  or of curing,  correcting or supplementing  any defective  provision
contained  herein or adding or changing  any other  provisions  with  respect to
matters or  questions  arising  under this  Agreement  as the  parties  may deem
necessary or desirable and that the parties deem shall not adversely  affect the
interest of the  registered  holders.  All other  modifications  or  amendments,
including  any  amendment to increase the Warrant  Price or shorten the Exercise
Period, shall require the written consent of each of the  Co-Representatives and
the  registered  holders  of  a  majority  of  the  then  outstanding  Warrants.
Notwithstanding the foregoing, the Company may lower the Warrant Price or extend
the duration of the Exercise  Period in  accordance  with  Sections 3.1 and 3.2,
respectively, without such consent.

        9.9     SEVERABILITY.  This Agreement shall be deemed severable, and the
invalidity or  unenforceability of any term or provision hereof shall not affect
the  validity  or  enforceability  of this  Agreement  or of any  other  term or
provision hereof. Furthermore, in lieu of any such invalid or unenforceable term
or provision,  the parties  hereto intend that there shall be added as a part of

                                       12
<PAGE>

this Agreement a provision as similar in terms to such invalid or  unenforceable
provision as may be possible and be valid and enforceable.

        IN WITNESS WHEREOF, this Agreement has been duly executed by the parties
hereto as of the day and year first above written.

Attest:                             MEDIA & ENTERTAINMENT HOLDINGS, INC.

                                    By:___________________________________
--------
                                       Herbert A. Granath, Chairman of the Board
                                       and Chief Executive Officer

Attest:                             CONTINENTAL STOCK TRANSFER & TRUST COMPANY

                                    By:____________________________________
--------
                                       Steven G. Nelson, Chairman of the Board

                                       13EXHIBIT 10.9

                                     FORM OF

                      INVESTMENT MANAGEMENT TRUST AGREEMENT

                This Agreement is made as of ___________, 2006 by and between
MEDIA & ENTERTAINMENT HOLDINGS, INC. (the "Company") and Continental Stock
Transfer & Trust Company ("Trustee").

                WHEREAS, the Company's Registration Statement on Form S-1, No.
333-128218 ("Registration Statement"), for its initial public offering of
securities ("IPO") has been declared effective as of the date hereof ("Effective
Date") by the Securities and Exchange Commission (capitalized terms used herein
and not otherwise defined herein shall have the meanings set forth in the
Registration Statement); and

                WHEREAS, Lazard Capital Markets LLC ("Lazard") and Ladenburg
Thalmann & Co. Inc. ("Ladenburg") are acting as co-representatives
("Co-Representatives") of the underwriters in the IPO; and

                WHEREAS, as described in the Company's Registration Statement,
in accordance with the Company's Certificate of Incorporation, $84,242,000 of
the gross proceeds of the IPO ($96,618,800 if the underwriters' over-allotment
option is exercised in full) will be delivered to the Trustee to be deposited
and held in a trust account for the benefit of the Company and the holders of
the Company's common stock, par value $.0001 per share, issued in the IPO, as
hereinafter provided. The amount to be delivered to the Trustee will be referred
to herein as the "Property"; the stockholders for whose benefit the Trustee
shall hold the Property will be referred to as the "Public Stockholders"; and
the Public Stockholders and the Company will be referred to together as the
"Beneficiaries"); and

                WHEREAS, the Company and the Trustee desire to enter into this
Agreement to set forth the terms and conditions pursuant to which the Trustee
shall hold the Property;

                IT IS AGREED:

1.      AGREEMENTS AND COVENANTS OF TRUSTEE. The Trustee hereby agrees and
covenants to:

                (a)     Hold the Property in trust for the Beneficiaries in
accordance with the terms of this Agreement, in a segregated trust account
("Trust Account") established by the Trustee;

                (b)     Manage, supervise and administer the Trust Account
subject to the terms and conditions set forth herein;

                (c)     In a timely manner, upon the instruction of the Company,
to invest and reinvest the Property in United States "government securities"
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940
having a maturity of 180 days or less, or in any open ended investment company
registered under the Investment Company Act of 1940

<PAGE>

that holds itself out as a money market fund meeting the conditions of
paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 promulgated under the
Investment Company Act of 1940;

                (d)     Collect and receive, when due, all principal and income
arising from the Property, which shall become part of the "Property," as such
term is used herein;

                (e)     Notify the Company and the Co-Representatives of all
communications received by it with respect to any Property requiring action by
the Company;

                (f)     Supply any necessary information or documents as may be
requested by the Company in connection with the Company's preparation of the tax
returns for the Trust Account;

                (g)     Participate in any plan or proceeding for protecting or
enforcing any right or interest arising from the Property if, as and when
instructed by the Company and/or the Co-Representatives to do so;

                (h)     Render to the Company and the Co-Representatives, and to
such other person as the Company may instruct, monthly written statements of the
activities of and amounts in the Trust Account reflecting all receipts and
disbursements of the Trust Account; and

                (i)     Commence liquidation of the Trust Account only after,
and promptly after, receipt of, and only in accordance with, the terms of a
letter ("Termination Letter"), in a form substantially similar to that attached
hereto as either Exhibit A or Exhibit B hereto, signed on behalf of the Company
by its Chief Executive Officer or Chairman of the Board and Secretary or
Assistant Secretary, and affirmed by counsel for the Company, and complete the
liquidation of the Trust Account and distribute the Property in the Trust
Account only as directed in the Termination Letter and the other documents
referred to therein; PROVIDED, HOWEVER, that in the event that a Termination
Letter has not been received by the Trustee by the 18-month anniversary of the
closing ("Closing") of the IPO ("First Date"), or the 24-month anniversary of
the Closing ("Last Date") in the event that a letter of intent, agreement in
principle or definitive agreement for a Business Combination has been executed
on or prior to the First Date but the Business Combination has not been
consummated by the First Date, the Trust Account shall be liquidated in
accordance with the procedures set forth in the Termination Letter attached as
Exhibit B hereto to the stockholders of record on the record date established by
the Company for such purpose. The Company shall set the record date to be within
ten days of the Last Date, or as soon thereafter as reasonably practicable and
legally permissible. In all cases, the Trustee shall provide Ladenburg with a
copy of any Termination Letters and/or any other correspondence that it receives
with respect to any proposed withdrawal from the Trust Account promptly after it
receives same. This section may not be modified, amended or deleted under any
circumstances; and

                (j)     Upon one or more written requests from the Company,
which may be given not more than once in any calendar month period, the Trustee
shall distribute to the Company interest earned on the Trust Account, net of
taxes payable, up to a maximum of $1,800,000. The distributions requested by the
Company may be for any amount, provided that (i) in the aggregate, all
distributions under this Section 1(j) may not exceed $1,800,000 and

                                       2
<PAGE>

(ii) such distributions may only be made if and to the extent that interest has
been earned on the amount initially deposited into the Trust Account. No other
distributions from the Trust Account shall be permitted except in accordance
with Section 1(i) and this Section 1(j) hereof.

2.      AGREEMENTS AND COVENANTS OF THE COMPANY. The Company hereby agrees and
covenants to:

                (a)     Give all instructions to the Trustee hereunder in
writing, signed by the Company's Chief Executive Officer or Chairman of the
Board. In addition, except with respect to its duties under paragraph 1(i)
above, the Trustee shall be entitled to rely on, and shall be protected in
relying on, any verbal or telephonic advice or instruction which it in good
faith believes to be given by any one of the persons authorized above to give
written instructions, provided that the Company shall promptly confirm such
instructions in writing;

                (b)     Hold the Trustee harmless and indemnify the Trustee from
and against any and all expenses, including reasonable counsel fees and
disbursements, or loss suffered by the Trustee in connection with any action,
suit or other proceeding brought against the Trustee involving any claim, or in
connection with any claim or demand which in any way arises out of or relates to
this Agreement, the services of the Trustee hereunder, or the Property or any
income earned from investment of the Property, except for expenses and losses
resulting from the Trustee's gross negligence or willful misconduct. Promptly
after the receipt by the Trustee of notice of demand or claim or the
commencement of any action, suit or proceeding, pursuant to which the Trustee
intends to seek indemnification under this paragraph, it shall notify the
Company in writing of such claim (hereinafter referred to as the "Indemnified
Claim"). The Trustee shall have the right to conduct and manage the defense
against such Indemnified Claim, provided, that the Trustee shall obtain the
consent of the Company with respect to the selection of counsel, which consent
shall not be unreasonably withheld. The Trustee may not agree to settle any
Indemnified Claim without the prior written consent of the Company, unless such
settlement includes a full release with respect to such Indemnified Claim. The
Company may participate in such action with its own counsel; and

                (c)     Pay the Trustee an initial acceptance fee of $1,000 and
an annual fee of $3,000 (it being expressly understood that the Property shall
not be used to pay such fee). The Company shall pay the Trustee the initial
acceptance fee and first year's fee at the consummation of the IPO and
thereafter on the anniversary of the Effective Date. The Trustee shall refund to
the Company the fee (on a pro rata basis) with respect to any period after the
liquidation of the Trust Fund. The Company shall not be responsible for any
other fees or charges of the Trustee except as may be provided in paragraph 2(b)
hereof (it being expressly understood that the Property shall not be used to
make any payments to the Trustee under such paragraph).

                (d)     Provide to the Trustee any letter of intent, agreement
in principle or definitive agreement for a Business Combination that is executed
on or prior to the First Date; and

                (e)     In connection with any vote of the Company's
stockholders regarding a Business Combination, provide to the Trustee an
affidavit or certificate of a firm regularly engaged in the business of
soliciting proxies and/or tabulating stockholder votes (which firm

                                       3
<PAGE>

may be the Trustee) verifying the vote of the Company's stockholders regarding
such Business Combination.

3.      LIMITATIONS OF LIABILITY. The Trustee shall have no responsibility or
liability to:

                (a)     Take any action with respect to the Property, other than
as directed in paragraph 1 hereof and the Trustee shall have no liability to any
party except for liability arising out of its own gross negligence or willful
misconduct;

                (b)     Institute any proceeding for the collection of any
principal and income arising from, or institute, appear in or defend any
proceeding of any kind with respect to, any of the Property unless and until it
shall have received instructions from the Company given as provided herein to do
so and the Company shall have advanced or guaranteed to it funds sufficient to
pay any expenses incident thereto;

                (c)     Change the investment of any Property, other than in
compliance with paragraph 1(c);

                (d)     Refund any depreciation in principal of any Property;

                (e)     Assume that the authority of any person designated by
the Company to give instructions hereunder shall not be continuing unless
provided otherwise in such designation, or unless the Company shall have
delivered a written revocation of such authority to the Trustee;

                (f)     The other parties hereto or to anyone else for any
action taken or omitted by it, or any action suffered by it to be taken or
omitted, in good faith and in the exercise of its own best judgment, except for
its gross negligence or willful misconduct. The Trustee may rely conclusively
and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Trustee),
statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to
the truth and acceptability of any information therein contained) which is
believed by the Trustee, in good faith, to be genuine and to be signed or
presented by the proper person or persons. The Trustee shall not be bound by any
notice or demand, or any waiver, modification, termination or rescission of this
Agreement or any of the terms hereof, unless evidenced by a written instrument
delivered to the Trustee signed by the proper party or parties and, if the
duties or rights of the Trustee are affected, unless it shall give its prior
written consent thereto;

                (g)     Verify the correctness of the information set forth in
the Registration Statement or to confirm or assure that any acquisition made by
the Company or any other action taken by it is as contemplated by the
Registration Statement; and

                (h)     Pay any taxes on behalf of the Trust Account (it being
expressly understood that the Property shall not be used to pay any such taxes
and that such taxes, if any, shall be paid by the Company from funds not held in
the Trust Account).

                                       4
<PAGE>

4.      TERMINATION. This Agreement shall terminate as follows:

                (a)     If the Trustee gives written notice to the Company that
it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee. At such time that the Company notifies
the Trustee that a successor trustee has been appointed by the Company and has
agreed to become subject to the terms of this Agreement, the Trustee shall
transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating
to the Trust Account, whereupon this Agreement shall terminate; provided,
however, that, in the event that the Company does not locate a successor trustee
within ninety days of receipt of the resignation notice from the Trustee, the
Trustee may submit an application to have the Property deposited with the United
States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever that arises
due to any actions or omissions to act by any party after such deposit;

                (b)     At such time that the Trustee has completed the
liquidation of the Trust Account in accordance with the provisions of paragraph
1(i) hereof, and distributed the Property in accordance with the provisions of
the Termination Letter, this Agreement shall terminate except with respect to
Paragraph 2(b).

5.      MISCELLANEOUS.

                (a)     The Company and the Trustee each acknowledge that the
Trustee will follow the security procedures set forth below with respect to
funds transferred from the Trust Account. Upon receipt of written instructions,
the Trustee will confirm such instructions with an Authorized Individual at an
Authorized Telephone Number listed on the attached Exhibit C. The Company and
the Trustee will each restrict access to confidential information relating to
such security procedures to authorized persons. Each party must notify the other
party immediately if it has reason to believe unauthorized persons may have
obtained access to such information, or of any change in its authorized
personnel. In executing funds transfers, the Trustee will rely upon account
numbers or other identifying numbers of a beneficiary, beneficiary's bank or
intermediary bank, rather than names. The Trustee shall not be liable for any
loss, liability or expense resulting from any error in an account number or
other identifying number, provided it has accurately transmitted the numbers
provided.

                (b)     This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of New York, without giving
effect to conflict of laws. It may be executed in several original or facsimile
counterparts, each one of which shall constitute an original, and together shall
constitute but one instrument.

                (c)     This Agreement contains the entire agreement and
understanding of the parties hereto with respect to the subject matter hereof.
This Agreement or any provision hereof may only be changed, amended or modified
by a writing signed by each of the parties hereto; provided, however, that no
such change, amendment or modification may be made without the prior written
consent of the Co-Representatives. As to any claim, cross-claim or counterclaim
in any way relating to this Agreement, each party waives the right to trial by
jury.

                                       5
<PAGE>

                (d)     The parties hereto consent to the jurisdiction and venue
of any state or federal court located in the City of New York, Borough of
Manhattan, for purposes of resolving any disputes hereunder.

                (e)     Any notice, consent or request to be given in connection
with any of the terms or provisions of this Agreement shall be in writing and
shall be sent by express mail or similar private courier service, by certified
mail (return receipt requested), by hand delivery or by facsimile transmission:

                if to the Trustee, to:

                        Continental Stock Transfer
                        & Trust Company
                        17 Battery Place
                        New York, New York 10004
                        Attn:  Steven G. Nelson, Chairman
                        Fax No.:  (212) 509-5150

                if to the Company, to:
                        Media & Entertainment Holdings, Inc.
                        4429 Edmondson Avenue
                        Dallas, TX 75205
                        Attn:  Herbert A. Granath, Chief Executive Officer
                        Fax No.:  (214) __________

                in either case with a copy to:

                        Lazard Capital Markets LLC
                        30 Rockefeller Plaza
                        New York, New York 10112
                        Attn: Robert Lagay

                        and

                        Ladenburg Thalmann & Co. Inc.
                        153  East 53rd Street
                        New York, New York 10022
                        Attn:    Peter H. Blum
                        Fax No.:

                        and

                        Greenberg Traurig, LLP
                        MetLife Building
                        200 Park Avenue
                        New York, New York 10166
                        Attn: Alan I. Annex, Esq.
                        Fax No.: (212) 801-6400

                (f)     This Agreement may not be assigned by the Trustee
without the prior written consent of the Company and the Co-Representatives.

                (g)     Each of the Trustee and the Company hereby represents
that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated
hereunder. The Trustee acknowledges and agrees that it

                                       6
<PAGE>

shall not make any claims or proceed against the Trust Account, including by way
of set-off, and shall not be entitled to any funds in the Trust Account under
any circumstance.

                IN WITNESS WHEREOF, the parties have duly executed this
Investment Management Trust Agreement as of the date first written above.

                                        CONTINENTAL STOCK TRANSFER & TRUST
                                        COMPANY, as Trustee

                                        By: ____________________________________
                                            Name:      Steven G. Nelson
                                            Title:     Chairman

                                        MEDIA & ENTERTAINMENT HOLDINGS, INC.

                                        By: ____________________________________
                                            Name:      Herbert A. Granath
                                            Title:     Chief Executive Officer

                                       7
<PAGE>

                                    EXHIBIT A

                             [LETTERHEAD OF COMPANY]

[INSERT DATE]

Continental Stock Transfer
  & Trust Company
17 Battery Place
New York, New York 10004
Attn:  Steven G. Nelson

                Re:    Trust Account No. [                  ] Termination Letter

Gentlemen:

                Pursuant to paragraph 1(i) of the Investment Management Trust
Agreement between Media & Entertainment Holdings, Inc. ("Company") and
Continental Stock Transfer & Trust Company ("Trustee"), dated as of __________,
2005 ("Trust Agreement"), this is to advise you that the Company has entered
into an agreement ("Business Agreement") with __________________ ("Target
Business") to consummate a business combination with Target Business ("Business
Combination") on or about [insert date]. The Company shall notify you at least
48 hours in advance of the actual date of the consummation of the Business
Combination ("Consummation Date").

                In accordance with the terms of the Trust Agreement, we hereby
authorize you to commence liquidation of the Trust Account to the effect that,
on the Consummation Date, all of funds held in the Trust Account will be
immediately available for transfer to the account or accounts that the Company
shall direct on the Consummation Date.

                On the Consummation Date (i) counsel for the Company shall
deliver to you written notification that the Business Combination has been
consummated and (ii) the Company shall deliver to you (a) [AN AFFIDAVIT] [A
CERTIFICATE] of __________, which verifies the vote of the Company's
stockholders in connection with the Business Combination, and (b) written
instructions with respect to the transfer of the funds held in the Trust Account
("Instruction Letter"). You are hereby directed and authorized to transfer the
funds held in the Trust Account immediately upon your receipt of the counsel's
letter and the Instruction Letter, in accordance with the terms of the
Instruction Letter. In the event that certain deposits held in the Trust Account
may not be liquidated by the Consummation Date without penalty, you will notify
the Company of the same and the Company shall direct you as to whether such
funds should remain in the Trust Account and distributed after the Consummation
Date to the Company. Upon the distribution of all the funds in the Trust Account
pursuant to the terms hereof, the Trust Agreement shall be terminated.

                In the event that the Business Combination is not consummated on
the Consummation Date described in the notice thereof and we have not notified
you on or before the original Consummation Date of a new Consummation Date, then
the funds held in the Trust

                                       8
<PAGE>

Account shall be reinvested as provided in the Trust Agreement on the business
day immediately following the Consummation Date as set forth in the notice.

                            Very truly yours,

                            MEDIA & ENTERTAINMENT HOLDINGS, INC.

                                By:
                                    --------------------------------------------
                                    Herbert A. Granath, Chief Executive Officer

                                By:
                                    --------------------------------------------
                                    Bruce Maggin, Executive Vice President and
                                    Secretary

cc:     Lazard Capital Markets LLC
        Ladenburg Thalmann & Co. Inc.

                                       9
<PAGE>

                                    EXHIBIT B

                             [LETTERHEAD OF COMPANY]

[INSERT DATE]

Continental Stock Transfer
  & Trust Company
17 Battery Place
New York, New York 10004
Attn:  Steven G. Nelson

               Re:    Trust Account No. [             ] Termination Letter

Gentlemen:

        Pursuant to paragraph 1(i) of the Investment Management Trust Agreement
between Media & Entertainment Holdings, Inc. ("Company") and Continental Stock
Transfer & Trust Company ("Trustee"), dated as of , 2006 ("Trust Agreement"),
this is to advise you that the Company has been unable to effect a Business
Combination with a Target Company within the time frame specified in the
Company's Certificate of Incorporation, as described in the Company's prospectus
relating to its IPO.

        In accordance with the terms of the Trust Agreement, we hereby authorize
you to commence liquidation of the Trust Account. The Company will establish a
record date for the purposes of determining the stockholders entitled to receive
their share of liquidation proceeds. The record date shall be within ten (10)
days of the date of this letter or as soon thereafter as is reasonably
practicable and legally permissible. You will notify the Company in writing as
to when all of the funds in the Trust Account will be available for immediate
transfer ("Transfer Date") in accordance with the terms of the Trust Agreement
and the Certificate of Incorporation of the Company. You shall commence
distribution of such funds in accordance with the terms of the Trust Agreement
and the Certificate of Incorporation of the Company and you shall oversee the
distribution of the funds. Upon the distribution of all the funds in the Trust
Account, your obligations under the Trust Agreement shall be terminated.

                            Very truly yours,

                            MEDIA & ENTERTAINMENT HOLDINGS, INC.

                                By:
                                    --------------------------------------------
                                    Herbert A. Granath, Chief Executive Officer

                                By:
                                    --------------------------------------------
                                    Bruce Maggin, Executive Vice President and
                                    Secretary

                                       10
<PAGE>

                                    EXHIBIT C

---------------------------------------- ---------------------------------------
AUTHORIZED INDIVIDUAL(S)                 AUTHORIZED
FOR TELEPHONE CALL BACK                  TELEPHONE NUMBER(S)
-----------------------                  -------------------
---------------------------------------- ---------------------------------------

---------------------------------------- ---------------------------------------

---------------------------------------- ---------------------------------------
COMPANY:
---------------------------------------- ---------------------------------------

---------------------------------------- ---------------------------------------
Media & Entertainment Holdings, Inc.
4429 Edmondson Avenue
Dallas, TX 75205
Attn: Herbert A. Granath,
      Chief Executive Officer            (214) 522-9893
---------------------------------------- ---------------------------------------

---------------------------------------- ---------------------------------------
TRUSTEE:
---------------------------------------- ---------------------------------------

---------------------------------------- ---------------------------------------
Continental Stock Transfer
  & Trust Company
17 Battery Place
New York, New York 10004
Attn:  Steven G. Nelson                  (212) 845-3200
---------------------------------------- ---------------------------------------

                                       11

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