Document:

Exhibit 10.11

                                                              June 30, 2005

Manhattan Maritime Enterprises, Inc.
645 Fifth Avenue
New York, New York 10022

Ladenburg Thalmann & Co. Inc.
590 Madison Avenue
34th Floor
New York, New York 10022

              Re:    Initial Public Offering
                     -----------------------

Gentlemen:

              The  undersigned  stockholder of Manhattan  Maritime  Enterprises,
Inc.   ("Company"),   in  consideration   of  Ladenburg   Thalmann  &  Co.  Inc.
("Ladenburg")  entering  into  a  letter  of  intent  ("Letter  of  Intent")  to
underwrite an initial public  offering of the securities of the Company  ("IPO")
and embarking on the IPO process,  hereby agrees as follows (certain capitalized
terms used herein are defined in paragraph 10 hereof):

              1.     If the Company  solicits  approval of its stockholders of a
Business  Combination,  the undersigned will vote all Insider Shares owned by it
in  accordance  with the  majority  of the votes cast by the  holders of the IPO
Shares.

              2.     In the  event  that  the  Company  fails  to  consummate  a
Business Combination within 18 months from the effective date ("Effective Date")
of the  registration  statement  relating  to the IPO (or 24  months  under  the
circumstances  described in the prospectus relating to the IPO), the undersigned
will vote all Insider  Shares owned by it in favor of the Company's  decision to
liquidate. The undersigned and each controlling person of the undersigned (each,
a "Control Person") hereby waives any and all right, title, interest or claim of
any kind in or to any  distribution  of the Trust Fund (as defined in the Letter
of  Intent)  and any  remaining  net  assets of the  Company as a result of such
liquidation  with respect to his Insider Shares  ("Claim") and hereby waives any
Claim the  undersigned and any Control Person may have in the future as a result
of, or arising out of, any contracts or agreements with the Company and will not
seek recourse against the Trust Fund for any reason whatsoever.

              3.     The  undersigned  acknowledges  and agrees that the Company
will

<PAGE>

Manhattan Maritime Enterprises, Inc.
Ladenburg Thalmann & Co. Inc.
June 30, 2005
Page 2

not  consummate  any  Business  Combination  which  involves a company  which is
affiliated  with any current  officer,  director or  stockholder  of the Company
unless the Company  obtains an opinion from an  independent  investment  banking
firm reasonably acceptable to Ladenburg that the business combination is fair to
the Company's stockholders from a financial perspective.

              4.     Neither  the  undersigned,  any  Control  Person,  nor  any
Affiliate of the undersigned will be entitled to receive and will not accept any
compensation for services rendered to the Company prior to or in connection with
the  consummation  of the Business  Combination;  provided that the  undersigned
shall be entitled  to  reimbursement  from the  Company for their  out-of-pocket
expenses  incurred  in  connection  with  seeking  and  consummating  a Business
Combination.

              5.     Neither  the  undersigned,  any  Control  Person,  nor  any
Affiliate  of the  undersigned  will be entitled to receive or accept a finder's
fee or any other  compensation in the event the  undersigned,  any member of the
family of the  undersigned  or any  Affiliate  of the  undersigned  originates a
Business Combination.

              6.     The  undersigned  will  escrow its  Insider  Shares for the
three year period  commencing  on the  Effective  Date subject to the terms of a
Stock Escrow  Agreement  which the Company will enter into with the  undersigned
and an escrow agent acceptable to the Company.

              7.     The  undersigned's  Questionnaire  furnished to the Company
and  Ladenburg  and  annexed  as  Exhibit A hereto is true and  accurate  in all
respects. The undersigned represents and warrants that no Control Person:

       (a)    is subject  to, or a  respondent  in, any legal  action  for,  any
injunction,  cease-and-desist order or order or stipulation to desist or refrain
from  any  act  or  practice  relating  to the  offering  of  securities  in any
jurisdiction;

       (b)    has been convicted of or pleaded guilty to any crime (i) involving
any fraud or (ii) relating to any financial  transaction or handling of funds of
another person,  or (iii) pertaining to any dealings in any securities and he is
not currently a defendant in any such criminal proceeding; and

       (c)    has been  suspended or expelled from  membership in any securities
or

<PAGE>

Manhattan Maritime Enterprises, Inc.
Ladenburg Thalmann & Co. Inc.
June 30, 2005
Page 3

commodities  exchange or association or had a securities or commodities  license
or registration denied, suspended or revoked.

              8.     The undersigned has full right and power, without violating
any agreement by which it is, or any of its Affiliates are, bound, to enter into
this letter agreement.

              9.     This letter  agreement  shall be governed by and  construed
and  enforced  in  accordance  with the laws of the State of New  York,  without
giving  effect  to  conflicts  of  law  principles  that  would  result  in  the
application of the  substantive  laws of another  jurisdiction.  The undersigned
hereby (i) agrees that any action,  proceeding  or claim against him arising out
of or relating in any way to this letter  agreement  (a  "Proceeding")  shall be
brought and enforced in the courts of the State of New York of the United States
of America for the Southern  District of New York,  and  irrevocably  submits to
such  jurisdiction,  which  jurisdiction  shall be  exclusive,  (ii)  waives any
objection  to such  exclusive  jurisdiction  and that such courts  represent  an
inconvenient  forum and (iii)  irrevocably  agrees to appoint  Gersten,  Savage,
Kaplowitz,  Wolf & Marcus,  LLP as agent for the service of process in the State
of New York to  receive,  for the  undersigned  and on his  behalf,  service  of
process  in any  Proceeding.  If for any  reason  such agent is unable to act as
such, the undersigned will promptly notify the Company and Ladenburg and appoint
a substitute  agent  acceptable to each of the Company and  Ladenburg  within 30
days and nothing in this  letter will affect the right of either  party to serve
process in any other manner permitted by law.

              10.    As used herein, (i) a "Business  Combination" shall mean an
acquisition  by merger,  capital  stock  exchange,  asset or stock  acquisition,
reorganization  or otherwise,  of an operating  business;  (ii) "Insiders" shall
mean all officers,  directors and stockholders of the Company  immediately prior
to the IPO; (iii) "Insider  Shares" shall mean all of the shares of Common Stock
of the Company  owned by an Insider  prior to the IPO;  (iv) "IPO Shares"  shall
mean the shares of Common Stock issued in the Company's IPO; and (v) "Affiliate"
shall have the meaning  ascribed  to it in Rule 12b-2 of the  General  Rules and
Regulations under the Securities Exchange Act of 1934, as amended.

                                            PLEIADES INVESTMENT PARTNERS-R, LP

                                            By:  /s/ Paul J. Solit
                                                 -------------------------------
                                                     Paul J. Solit
                                                     PresidentEXHIBIT 10.12

                      INVESTMENT MANAGEMENT TRUST AGREEMENT
                      -------------------------------------

              This  Agreement is made as of  _____________,  2005 by and between
Manhattan  Maritime  Enterprises,  Inc. (the  "Company") and  Continental  Stock
Transfer & Trust Company ("Trustee").

              WHEREAS,  the  Company's  registration  statement on Form S-1, No.
333-_______  ("Registration  Statement"),  for its  initial  public  offering of
securities  ("IPO")  has been  declared  effective  as of the date hereof by the
Securities and Exchange Commission ("Effective Date"); and

              WHEREAS,  Ladenburg Thalmann & Co. Inc. ("Ladenburg") is acting as
the representative of the underwriters in the IPO; and

              WHEREAS,  as  described  in  the  Registration  Statement,  and in
accordance with the Company's Certificate of Incorporation,  $103,880,000 of the
gross  proceeds  of the IPO  ($119,954,000  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  and in the event the Units are  registered  in  Colorado,
pursuant to Section 11-51-302(6) of the Colorado Revised Statutes. A copy of the
Colorado  Statute is  attached  hereto and made a part  hereof (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,  including  the terms of  Section
11-51-302(6)  of the Colorado  Statute,  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 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

<PAGE>

Property,  which  shall  become  part of the  "Property,"  as such  term is used
herein;

              (e)    Notify the  Company 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 to do so;

              (h)    Render to the Company and to  Ladenburg,  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
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,  signed on behalf of the  Company  by its  President  or
Chairman of the Board and  Secretary  or Assistant  Secretary,  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.

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 President 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.  The Company
may participate in such action with its own counsel; and

<PAGE>

              (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).

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

<PAGE>

              (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.     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;

              (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); or

              (c)    On such date  after  _____________,  2007 when the  Trustee
deposits the Property  with the United  States  District  Court for the Southern
District of New York in the event that,  prior to such date, the Trustee has not
received a Termination Letter from the Company pursuant to paragraph 1(i).

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 conflicts of law  principles  that would result in the  application of
the  substantive  laws of another  jurisdiction.  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.

<PAGE>

              (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 Ladenburg.  As to any claim,  cross-claim or  counterclaim in any way
relating to this Agreement, each party waives the right to trial by jury.

              (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
                           Fax No.:  (212) 509-5150

              if to the Company, to:

                           Manhattan Maritime Enterprises, Inc.
                           645 Fifth Avenue
                           New York, New York 10022
                           Attn:    Xenophon A. Galinas, Chief Executive Officer
                           Fax No.:  (212) 480-9909

              in either case with a copy to:

                           Ladenburg Thalmann & Co. Inc.
                           590 Madison Avenue, 34th Floor
                           New York, New York 10022
                           Attn:    Peter H. Blum
                           Fax No.:  (212) 409-2169

              (f)    This  Agreement may not be assigned by the Trustee  without
the prior consent of the Company.

<PAGE>

              (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 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.

              (h)    Each of the Company and the Trustee hereby acknowledge that
Ladenburg is a third party beneficiary of this Agreement.

<PAGE>

              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:
                                                 Title:

                                            MANHATTAN MARITIME ENTERPRISES, INC.

                                            By: ____________________________
                                            Name: Xenophon A. Galinas
                                                 Title: Chief Executive Officer

<PAGE>

                                                                       EXHIBIT A

                             [LETTERHEAD OF COMPANY]

                                       [INSERT DATE]

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

       Re:    Trust Account No. 530-                 Termination Letter
              ---------------------------------------------------------

Gentlemen:

              Pursuant to  paragraph  1(i) of the  Investment  Management  Trust
Agreement  between  Manhattan  Maritime   Enterprises,   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  (a)  the  Business  Combination  has  been
consummated  and (b) the provisions of Section  11-51-302(6)  and Rule 51-3.4 of
the Colorado  Statute have been met, and (ii) the Company  shall  deliver to you
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 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.

<PAGE>

                                            Very truly yours,

                                            MANHATTAN MARITIME ENTERPRISES, INC.

                                            By:________________________________
                                                 Xenophon A. Galinas, Chairman
                                                 and Secretary

cc: Ladenburg Thalmann & Co. Inc.

<PAGE>

                                                                       EXHIBIT B

                             [LETTERHEAD OF COMPANY]

                                       [INSERT DATE]

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

       Re:    Trust Account No. 530-                 Termination Letter
              ---------------------------------------------------------

Gentlemen:

              Pursuant to  paragraph  1(i) of the  Investment  Management  Trust
Agreement  between  Manhattan  Maritime   Enterprises,   Inc.   ("Company")  and
Continental Stock Transfer & Trust Company ("Trustee"), dated as of ___________,
2005 ("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 prospectus relating to its IPO.

              In accordance with the terms of the Trust Agreement, we hereby (a)
certify to you that the  provisions of Section  11-51-302(6)  and Rule 51-3.4 of
the  Colorado  Statute  have  been  met  and  (b)  authorize  you,  to  commence
liquidation  of the Trust  Account.  You will  notify the  Company and the agent
holding the Trust Account  ("Designated Paying Agent") in writing as to when all
of the funds in the Trust  Account  will be  available  for  immediate  transfer
("Transfer Date"). The Designated Paying Agent shall thereafter notify you as to
the  account or accounts of the  Designated  Paying  Agent that the funds in the
Trust  Account  should  be  transferred  to on the  Transfer  Date so  that  the
Designated  Paying Agent may commence  distribution  of such funds in accordance
with the  Company's  instructions.  You shall have no  obligation to oversee the
Designated  Paying Agent's  distribution  of the funds.  Upon the payment to the
Designated  Paying  Agent  of all the  funds in the  Trust  Account,  the  Trust
Agreement shall be terminated.

                                            Very truly yours,

                                            MANHATTAN MARITIME ENTERPRISES, INC.

                                            By:________________________________
                                                 Xenophon A. Galinas, Chairman
                                                 and Secretary

cc: Ladenburg Thalmann & Co. Inc.

                                       10
<PAGE>

                                    EXHIBIT C

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

COMPANY:

Manhattan Maritime Enterprises, Inc.
645 Fifth Avenue
New York, New York 10022
Attn:  Xenophon A. Galinas, Chief Executive Officer        (212) 480-9909

TRUSTEE:

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

                                       11

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