Document:

EXHIBIT 10.43

                             SUBSCRIPTION AGREEMENT

                                                          As of April 25, 2006

To the Board of Directors of
Media & Entertainment Holdings, Inc.:

Gentlemen:

        The undersigned hereby subscribes for and agrees to purchase 1,100,000
warrants ("Existing Stockholders' Warrants"), each to purchase one share of
common stock, of Media & Entertainment Holdings, Inc., a Delaware corporation
(the "Corporation"), at $1.00 per Existing Stockholders' Warrant for an
aggregate purchase price of $1,100,000 ("Purchase Price"). The purchase and
issuance of the Existing Stockholders' Warrants shall occur simultaneously with
the consummation of the Corporation's initial public offering of securities
("IPO").

        At least 24 hours prior to the effective date of the registration
statement filed in connection with the IPO ("Registration Statement"), the
undersigned shall deliver the Purchase Price to Greenberg Traurig, LLP to hold
until the Corporation consummates the IPO. Simultaneously with the consummation
of the IPO, Greenberg Traurig, LLP shall deposit the Purchase Price into the
trust fund ("Trust Fund") established by the Corporation for the benefit of the
Corporation's public stockholders as described in the Corporation's Registration
Statement, pursuant to the terms of an Investment Management Trust Agreement to
be entered into between the Corporation and Continental Stock Transfer & Trust
Company. In the event that the IPO is not consummated, Greenberg Traurig, LLP
shall return such amount to the undersigned, without interest or deduction.

        The undersigned represents and warrants that it has been advised that
the Existing Stockholders' Warrants have not been registered under the
Securities Act; that it is acquiring the Existing Stockholders' Warrants for its
account for investment purposes only; that it has no present intention of
selling or otherwise disposing of the Existing Stockholders' Warrants in
violation of the securities laws of the United States; that it is an "accredited
investor" as defined by Rule 501 of Regulation D promulgated under the
Securities Act of 1933, as amended (the "Securities Act"); and that it is
familiar with the proposed business, management, financial condition and affairs
of the Corporation.

        Moreover, the undersigned agrees that he shall not sell or transfer the
Existing Stockholders' Warrants or any underlying shares of common stock
(collectively, "Insider Securities") until 90 days after the consummation of the
IPO (or such earlier time as the warrants included as part of the units being
sold in the IPO become separately tradable)

<PAGE>

and acknowledges that the certificates for such Existing  Stockholders' Warrants
shall  contain  a  legend   indicating  such  restriction  on   transferability.
Additionally,  the undersigned  hereby waives any Claim the undersigned 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.

        The Company hereby acknowledges and agrees that, at the time the
warrants issued as part of the units in the IPO become exercisable, the Company
shall allow the undersigned to exercise the Existing Stockholders' Warrants by
surrendering the warrant for that number of shares of common stock equal to the
quotient obtained by dividing (x) the product of the number of shares of common
stock underlying the warrant, multiplied by the difference between the warrant
exercise price and the "Fair Market Value" (defined below) by (y) the Fair
Market Value. The "Fair Market Value" shall mean the average reported last sale
price of the common stock for the 10 trading days ending on the third trading
day prior to the date on which the undersigned delivers notice to the Company of
its intent to exercise the Existing Stockholder's Warrants.

                                           Very truly yours,

                                           ASTOR PROPRIETARY TRADING GROUP, LLC

                                           By: /s/ ROB STEIN
                                              ---------------------
                                           Name:   Rob Stein
                                           Title:  Managing Partner

Agreed to:

Media & Entertainment Holdings, Inc.

By: /s/ HARVEY SESLOWSKY
    --------------------------------
    Name: Harvey Seslowsky
    Title: Chief Operating Officer

Greenberg Traurig, LLP

By: /s/ ALAN ANNEX
    --------------------------------
   Name: Alan Annex
   Title: Shareholder

                                       2EXHIBIT 10.44

                                        April 25, 2006

Media & Entertainment Holdings, Inc.
4429 Edmondson Avenue
Dallas, Texas 75205

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

                  Re:     Media & Entertainment Holdings, Inc. ("Company")
                       ---------------- ------------------------------

Gentlemen:

        Each of the undersigned hereby agrees to not propose, or vote in favor
of, any amendment to the Company's Certificate of Incorporation to extend the
period of time in which the Company must consummate a business combination (as
is more fully described in the Company's Prospectus relating to the Company's
initial public offering) prior to its liquidation. Should such a proposal be put
before stockholders other than through actions by any of the undersigned, each
of the undersigned hereby agrees to vote against such proposal. This agreement
may not be modified or amended under any circumstances.

                                                   Very truly yours,

                                                   /s/ Herbert A. Granath
                                                   ---------------------------
                                                   Herbert A. Granath

                                                   /s/ Harvey M. Seslowsky
                                                   ---------------------------
                                                   Harvey M. Seslowsky

                                                   /s/ Robert C. Clauser, Jr.
                                                   ---------------------------
                                                   Robert C. Clauser, Jr.

                                                   /s/ Bruce Maggin
                                                   ---------------------------
                                                   Bruce Maggin

                                                   /s/ Richard M. Weden
                                                   ---------------------------
                                                   Richard M. Weden

                                                   /s/ Edward T. Reilly
                                                   ---------------------------
                                                   Edward T. Reilly

<PAGE>

                                                   /s/ William A. Roskin
                                                   ---------------------------
                                                   William A. Roskin

                                                   /s/ Joseph Tirinato
                                                   ---------------------------
                                                  Joseph Tirinato

                                                   /s/ Daniel M. Maggin
                                                   ---------------------------
                                                   Daniel M. Maggin

                                                   /s/ Benjamin M. Maggin
                                                   ---------------------------
                                                   Benjamin M. Maggin

                                                   ASTOR PROPRIETARY TRADING
                                                   GROUP, LLC

                                                   By: /s/ Rob Stein
                                                      ---------------------
                                                   Name:   Rob Stein
                                                   Title:  Managing Partner

                                                   TRANSMEDIA CORPORATION

                                                   By: /s/ Harvey Seslowsky
                                                      ------------------------
                                                   Name:   Harvey SeslowskyEXHIBIT 10.45

                                     FORM OF

                          REGISTRATION RIGHTS AGREEMENT

        THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is entered into as
of the ____ day of ______,  2006, by and among Media &  Entertainment  Holdings,
Inc., a Delaware  corporation (the "Company"),  and the undersigned party listed
under Investor on the signature page hereto (the "Investor").

        WHEREAS,  the  Investor  currently  has  purchased  Warrants (as defined
below);

        WHEREAS,  the  Investor  and the  Company  desire  to  enter  into  this
Agreement  to  provide  the  Investor  with  certain  rights   relating  to  the
registration of shares of Common Stock held by it;

        NOW, THEREFORE,  in consideration of the mutual covenants and agreements
set forth herein, and for other good and valuable consideration, the receipt and
sufficiency  of which are  hereby  acknowledged,  the  parties  hereto  agree as
follows:

        1.      DEFINITIONS.  The following  capitalized  terms used herein have
the following meanings:

        "Agreement" means this Agreement, as amended, restated, supplemented, or
otherwise modified from time to time.

        "Commission" means the Securities and Exchange Commission,  or any other
federal agency then administering the Securities Act or the Exchange Act.

        "Common Stock" means the common stock,  par value $0.0001 per share,  of
the Company.

        "Company" is defined in the preamble to this Agreement.

        "Demand Registration" is defined in Section 2.1.1.

        "Demanding Holder" is defined in Section 2.1.1.

        "Exchange  Act" means the  Securities  Exchange Act of 1934, as amended,
and the rules and regulations of the Commission promulgated  thereunder,  all as
the same shall be in effect at the time.

        "Form S-3" is defined in Section 2.3.

        "Indemnified Party" is defined in Section 4.3.

        "Indemnifying Party" is defined in Section 4.3.
<PAGE>

        "Investor" is defined in the preamble to this Agreement.

        "Investor Indemnified Party" is defined in Section 4.1.

        "Maximum Number of Shares" is defined in Section 2.1.4.

        "Notices" is defined in Section 6.3.

        "Piggy-Back Registration" is defined in Section 2.2.1.

        "Register," "Registered" and "Registration" mean a registration effected
by  preparing  and  filing a  registration  statement  or  similar  document  in
compliance with the requirements of the Securities Act, and the applicable rules
and regulations promulgated thereunder, and such registration statement becoming
effective.

        "Registrable Securities" means all of the Warrants held by the Investor.
As to any particular Registrable  Securities,  such securities shall cease to be
Registrable  Securities  when: (a) a Registration  Statement with respect to the
sale of such securities shall have become effective under the Securities Act and
such securities shall have been sold,  transferred,  disposed of or exchanged in
accordance with such Registration Statement; (b) such securities shall have been
otherwise   transferred,   new  certificates  for  them  not  bearing  a  legend
restricting  further  transfer  shall have been  delivered  by the  Company  and
subsequent public distribution of them shall not require  registration under the
Securities Act; (c) such securities shall have ceased to be outstanding,  or (d)
the Securities and Exchange  Commission makes a definitive  determination to the
Company that the Registrable Securities are salable under Rule 144(k).

        "Registration  Statement"  means a registration  statement  filed by the
Company with the Commission in compliance  with the Securities Act and the rules
and regulations  promulgated thereunder for a public offering and sale of Common
Stock  (other than a  registration  statement  on Form S-4 or Form S-8, or their
successors,  or any registration  statement covering only securities proposed to
be issued in exchange for securities or assets of another entity).

        "Release  Date" means the date on which  separate  trading of the Common
Stock and the Warrants (as described in the Registration Statement) commences.

        "Securities  Act" means the Securities Act of 1933, as amended,  and the
rules and regulations of the Commission promulgated thereunder,  all as the same
shall be in effect at the time.

        "Underwriter"  means a securities  dealer who purchases any  Registrable
Securities  as  principal  in an  underwritten  offering and not as part of such
dealer's market-making activities.

        "Warrants"  means all of the warrants to purchase Common Stock purchased
by the Investor.
<PAGE>

        2.      REGISTRATION RIGHTS.

                2.1.    Demand Registration.

                        2.1.1.  REQUEST FOR  REGISTRATION.  At any time and from
time to time on or after the Release Date, the holders of a majority-in-interest
of the  Registrable  Securities  held by the Investor or the  transferees of the
Investor may make a written demand for registration  under the Securities Act of
all or part of such Registrable Securities (a "Demand Registration"). Any demand
for a Demand  Registration  shall specify the number of  Registrable  Securities
proposed to be sold and the intended  method(s)  of  distribution  thereof.  The
Company will notify all holders of  Registrable  Securities  of the demand,  and
each such  holder of  Registrable  Securities  who  wishes to  include  all or a
portion of such holder's Registrable Securities in the Demand Registration (each
such holder including Registrable Securities in such registration,  a "Demanding
Holder")  shall so notify the Company within fifteen (15) days after the receipt
by the  holder  of the  notice  from the  Company.  Upon any such  request,  the
Demanding  Holders  shall  be  entitled  to have  their  Registrable  Securities
included in the Demand  Registration,  subject to Section 2.1.4 and the provisos
set forth in Section  3.1.1.  The Company  shall not be obligated to effect more
than  one (1)  Demand  Registration  under  this  Section  2.1.1 in  respect  of
Registrable Securities.

                        2.1.2.  EFFECTIVE REGISTRATION.  A registration will not
count as a Demand  Registration until the Registration  Statement filed with the
Commission with respect to such Demand  Registration has been declared effective
and the Company has complied with all of its  obligations  under this  Agreement
with  respect  thereto;  provided,  however,  that if,  after such  Registration
Statement has been declared  effective,  the offering of Registrable  Securities
pursuant  to a Demand  Registration  is  interfered  with by any  stop  order or
injunction of the  Commission  or any other  governmental  agency or court,  the
Registration  Statement with respect to such Demand  Registration will be deemed
not to have been declared  effective,  unless and until,  (i) such stop order or
injunction  is  removed,   rescinded  or  otherwise   terminated,   and  (ii)  a
majority-in-interest  of the Demanding Holders  thereafter elect to continue the
offering.

                        2.1.3.  UNDERWRITTEN OFFERING. If a majority-in-interest
of the Demanding Holders so elect and such holders so advise the Company as part
of  their  written  demand  for a  Demand  Registration,  the  offering  of such
Registrable Securities pursuant to such Demand Registration shall be in the form
of an underwritten  offering.  In such event, the right of any holder to include
its Registrable  Securities in such registration  shall be conditioned upon such
holder's  participation in such  underwriting and the inclusion of such holder's
Registrable  Securities in the underwriting to the extent provided  herein.  All
Demanding  Holders  proposing  to  distribute  their  securities   through  such
underwriting  shall enter into an underwriting  agreement in customary form with
the   Underwriter  or   Underwriters   selected  for  such   underwriting  by  a
majority-in-interest of the holders initiating the Demand Registration.

                        2.1.4.  REDUCTION   OF   OFFERING.   If   the   managing
Underwriter  or  Underwriters  for  a  Demand  Registration  that  is  to  be an
underwritten  offering advises the Company and the Demanding  Holders in writing
that the dollar amount or number of shares of Registrable  Securities  which the
Demanding Holders desire to sell, taken together with all other shares of Common
Stock or other  securities  which the Company  desires to sell and the shares of

<PAGE>

Common Stock, if any, as to which  registration  has been requested  pursuant to
written contractual piggy-back registration rights held by other stockholders of
the Company who desire to sell,  exceeds  the maximum  dollar  amount or maximum
number of shares that can be sold in such offering without  adversely  affecting
the  proposed  offering  price,  the timing,  the  distribution  method,  or the
probability  of success of such offering  (such maximum dollar amount or maximum
number of shares,  as  applicable,  the "Maximum  Number of  Shares"),  then the
Company  shall  include  in  such  registration:   (i)  first,  the  Registrable
Securities as to which Demand  Registration  has been requested by the Demanding
Holders (pro rata in accordance  with the number of shares that each such Person
has  requested  be included in such  registration,  regardless  of the number of
shares held by each such Person (such  proportion  is referred to herein as "Pro
Rata")) that can be sold without  exceeding the Maximum  Number of Shares;  (ii)
second,  to the extent  that the Maximum  Number of Shares has not been  reached
under the foregoing  clause (i), the shares of Common Stock or other  securities
that the Company desires to sell that can be sold without  exceeding the Maximum
Number of Shares;  (iii) third,  to the extent that the Maximum Number of Shares
has not been reached  under the  foregoing  clauses (i) and (ii),  the shares of
Common Stock or other securities  registrable  pursuant to the terms of the Unit
Purchase  Option  issued to  Ladenburg  Thalmann & Co. Inc. or its  designees in
connection  with the  Company's  initial  public  offering  (the "Unit  Purchase
Option" and such registrable  securities,  the "Option  Securities") as to which
"piggy-back"  registration has been requested by the holders thereof,  Pro Rata,
that can be sold  without  exceeding  the  Maximum  Number of  Shares;  and (iv)
fourth,  to the extent that the Maximum  Number of Shares have not been  reached
under the foregoing  clauses (i), (ii), and (iii), the shares of Common Stock or
other  securities for the account of other persons that the Company is obligated
to register pursuant to written  contractual  arrangements with such persons and
that can be sold without exceeding the Maximum Number of Shares.

                        2.1.5.  WITHDRAWAL.  If a  majority-in-interest  of  the
Demanding  Holders  disapprove  of the  terms  of any  underwriting  or are  not
entitled to include all of their  Registrable  Securities in any offering,  such
majority-in-interest  of the  Demanding  Holders may elect to withdraw from such
offering  by  giving  written  notice  to the  Company  and the  Underwriter  or
Underwriters  of their  request to withdraw  prior to the  effectiveness  of the
Registration  Statement  filed with the  Commission  with respect to such Demand
Registration.  If the  majority-in-interest  of the Demanding  Holders withdraws
from  a  proposed  offering  relating  to  a  Demand  Registration,   then  such
registration  shall not count as a Demand  Registration  provided for in Section
2.1.1.

                2.2.    Piggy-Back Registration.

                        2.2.1.  PIGGY-BACK  RIGHTS.  If at any  time on or after
the Release Date the Company proposes to file a Registration Statement under the
Securities Act with respect to an offering of equity  securities,  or securities
or other  obligations  exercisable or  exchangeable  for, or  convertible  into,
equity securities, by the Company for its own account or for stockholders of the
Company for their account (or by the Company and by  stockholders of the Company
including,   without  limitation,   pursuant  to  Section  2.1),  other  than  a
Registration Statement (i) filed in connection with any employee stock option or
other benefit plan, (ii) for an exchange offer or offering of securities  solely
to the Company's  existing  stockholders,  (iii) for an offering of debt that is
convertible  into  equity  securities  of the  Company  or (iv)  for a  dividend
reinvestment  plan,

<PAGE>

then the Company shall (x) give written  notice of such  proposed  filing to the
holders of Registrable  Securities as soon as  practicable  but in no event less
than ten (10) days  before the  anticipated  filing  date,  which  notice  shall
describe the amount and type of securities to be included in such offering,  the
intended  method(s)  of  distribution,  and the  name of the  proposed  managing
Underwriter  or  Underwriters,  if any,  of the  offering,  and (y) offer to the
holders of Registrable Securities in such notice the opportunity to register the
sale of such  number of shares of  Registrable  Securities  as such  holders may
request in writing  within  five (5) days  following  receipt of such  notice (a
"Piggy-Back Registration").  The Company shall cause such Registrable Securities
to be included in such  registration and shall use its best efforts to cause the
managing  Underwriter or  Underwriters  of a proposed  underwritten  offering to
permit the  Registrable  Securities  requested  to be included  in a  Piggy-Back
Registration  on the same terms and conditions as any similar  securities of the
Company  and to  permit  the  sale or  other  disposition  of  such  Registrable
Securities in accordance with the intended  method(s) of  distribution  thereof.
All holders of Registrable  Securities  proposing to distribute their securities
through a Piggy-Back  Registration  that involves an Underwriter or Underwriters
shall  enter  into  an  underwriting   agreement  in  customary  form  with  the
Underwriter or Underwriters selected for such Piggy-Back Registration.

                        2.2.2.  REDUCTION   OF   OFFERING.   If   the   managing
Underwriter  or  Underwriters  for a  Piggy-Back  Registration  that is to be an
underwritten  offering  advises  the  Company  and the  holders  of  Registrable
Securities in writing that the dollar amount or number of shares of Common Stock
which the Company  desires to sell,  taken together with shares of Common Stock,
if  any,  as to  which  registration  has  been  demanded  pursuant  to  written
contractual  arrangements  with  persons  other than the holders of  Registrable
Securities  hereunder,  the Registrable  Securities as to which registration has
been requested  under this Section 2.2, and the shares of Common Stock,  if any,
as to which registration has been requested pursuant to the written  contractual
piggy-back registration rights of other stockholders of the Company, exceeds the
Maximum  Number  of  Shares,   then  the  Company  shall  include  in  any  such
registration:

                                (i)     If the  registration  is undertaken  for
the Company's account: (A) first, the shares of Common Stock or other securities
that the Company desires to sell that can be sold without  exceeding the Maximum
Number of Shares;  (B) second,  to the extent that the Maximum  Number of Shares
has not been reached under the foregoing  clause (A), the shares of Common Stock
or other  securities,  if any,  comprised of  Registrable  Securities and Option
Securities,  as to  which  registration  has  been  requested  pursuant  to  the
applicable written contractual  piggy-back  registration rights of such security
holders,  Pro Rata,  that can be sold without  exceeding  the Maximum  Number of
Shares;  and (C) third,  to the extent that the Maximum Number of shares has not
been reached under the foregoing clauses (A) and (B), the shares of Common Stock
or other  securities  for the  account  of other  persons  that the  Company  is
obligated to register pursuant to written  contractual  piggy-back  registration
rights with such  persons  and that can be sold  without  exceeding  the Maximum
Number of Shares;

                                (ii)    If  the   registration   is  a  "demand"
registration  undertaken  at the  demand of holders  of Option  Securities,  (A)
first,  the shares of Common  Stock or other  securities  for the account of the
holders of any Option  Securities  (including any Persons entitled to piggy-back
registration rights under the agreement  governing the Option  Securities),  Pro
Rata,  that can be sold  without  exceeding  the Maximum  Number of Shares;  (B)
second,  to the extent

<PAGE>

that the  Maximum  Number of Shares  has not been  reached  under the  foregoing
clause  (A),  the shares of Common  Stock or other  securities  that the Company
desires to sell that can be sold without exceeding the Maximum Number of Shares;
(C) third,  to the extent that the Maximum Number of Shares has not been reached
under the foregoing  clauses (A) and (B), the shares of Registrable  Securities,
Pro Rata,  as to which  registration  has been  requested  pursuant to the terms
hereof, that can be sold without exceeding the Maximum Number of Shares; and (D)
fourth,  to the extent  that the Maximum  Number of Shares has not been  reached
under the  foregoing  clauses  (A),  (B) and (C),  the shares of Common Stock or
other  securities for the account of other persons that the Company is obligated
to register pursuant to written contractual arrangements with such persons, that
can be sold without exceeding the Maximum Number of Shares; and

                                (iii)   If  the   registration   is  a  "demand"
registration  undertaken  at the demand of persons other than either the holders
of  Registrable  Securities or of Option  Securities,  (A) first,  the shares of
Common Stock or other  securities for the account of the demanding  persons that
can be sold without  exceeding the Maximum Number of Shares;  (B) second, to the
extent  that the  Maximum  Number  of  Shares  has not been  reached  under  the
foregoing  clause (A), the shares of Common Stock or other  securities  that the
Company desires to sell that can be sold without exceeding the Maximum Number of
Shares;  (C) third, to the extent that the Maximum Number of Shares has not been
reached  under the  foregoing  clauses (A) and (B),  collectively  the shares of
Common Stock or other securities comprised of Registrable  Securities and Option
Securities,  Pro Rata, as to which  registration has been requested  pursuant to
the terms hereof and of the Unit Purchase  Option,  as  applicable,  that can be
sold without  exceeding  the Maximum  Number of Shares;  and (D) fourth,  to the
extent  that the  Maximum  Number  of  Shares  has not been  reached  under  the
foregoing  clauses  (A),  (B) and  (C),  the  shares  of  Common  Stock or other
securities  for the account of other  persons  that the Company is  obligated to
register pursuant to written  contractual  arrangements with such persons,  that
can be sold without exceeding the Maximum Number of Shares.

                        2.2.3.  WITHDRAWAL. Any holder of Registrable Securities
may elect to  withdraw  such  holder's  request  for  inclusion  of  Registrable
Securities  in any  Piggy-Back  Registration  by  giving  written  notice to the
Company  of  such  request  to  withdraw  prior  to  the  effectiveness  of  the
Registration Statement.  The Company (whether on its own determination or as the
result  of  a  withdrawal  by  persons  making  a  demand  pursuant  to  written
contractual obligations) may withdraw a registration statement at any time prior
to the  effectiveness of the Registration  Statement.  Notwithstanding  any such
withdrawal,  the  Company  shall pay all  expenses  incurred  by the  holders of
Registrable  Securities  in  connection  with such  Piggy-Back  Registration  as
provided in Section 3.3.

                2.3.    REGISTRATIONS  ON FORM S-3.  The holders of  Registrable
Securities  may at any time and from time to time,  request in writing  that the
Company register the resale of any or all of such Registrable Securities on Form
S-3 or any similar  short-form  registration which may be available at such time
("Form  S-3");  provided,  however,  that the Company  shall not be obligated to
effect such  request  through an  underwritten  offering.  Upon  receipt of such
written  request,  the Company will promptly give written notice of the proposed
registration  to all other holders of  Registrable  Securities,  and, as soon as
practicable  thereafter,  effect the registration of all or such portion of such
holder's or holders'  Registrable  Securities  as are specified in such

<PAGE>

request,  together  with all or such portion of the  Registrable  Securities  or
other securities of the Company,  if any, of any other holder or holders joining
in such request as are specified in a written  request given within fifteen (15)
days after receipt of such written notice from the Company;  provided,  however,
that the Company shall not be obligated to effect any such registration pursuant
to this Section 2.3: (i) if Form S-3 is not available for such offering; or (ii)
if the holders of the Registrable  Securities,  together with the holders of any
other  securities  of the Company  entitled to inclusion  in such  registration,
propose to sell Registrable Securities and such other securities (if any) at any
aggregate  price to the  public of less than  $500,000.  Registrations  effected
pursuant  to this  Section  2.3 shall  not be  counted  as Demand  Registrations
effected pursuant to Section 2.1.

        3.      REGISTRATION PROCEDURES.

                3.1.    FILINGS;  INFORMATION.  Whenever the Company is required
to effect the registration of any Registrable  Securities pursuant to Section 2,
the Company  shall use its best efforts to effect the  registration  and sale of
such  Registrable  Securities  in  accordance  with the  intended  method(s)  of
distribution thereof as expeditiously as practicable, and in connection with any
such request:

                        3.1.1.  FILING  REGISTRATION   STATEMENT.   The  Company
shall,  as  expeditiously  as possible  and in any event  within sixty (60) days
after  receipt of a request for a Demand  Registration  pursuant to Section 2.1,
prepare and file with the  Commission a  Registration  Statement on any form for
which the Company  then  qualifies or which  counsel for the Company  shall deem
appropriate  and which form shall be available  for the sale of all  Registrable
Securities to be registered thereunder in accordance with the intended method(s)
of  distribution  thereof,  and  shall  use  its  best  efforts  to  cause  such
Registration Statement to become and remain effective for the period required by
Section 3.1.3; provided, however, that the Company shall have the right to defer
any  Demand  Registration  for  up to  thirty  (30)  days,  and  any  Piggy-Back
Registration  for such period as may be  applicable  to  deferment of any demand
registration to which such Piggy-Back  Registration relates, in each case if the
Company shall furnish to the holders a certificate signed by the Chief Executive
Officer of the Company  stating that, in the good faith judgment of the Board of
Directors of the Company, it would be materially  detrimental to the Company and
its  stockholders for such  Registration  Statement to be effected at such time;
provided further, however, that the Company shall not have the right to exercise
the right set forth in the immediately  preceding  proviso more than once in any
365-day period in respect of a Demand Registration hereunder.

                        3.1.2.  COPIES.  The  Company  shall,  prior to filing a
Registration  Statement or prospectus,  or any amendment or supplement  thereto,
furnish without charge to the holders of Registrable Securities included in such
registration,  and such  holders'  legal  counsel,  copies of such  Registration
Statement  as  proposed  to be filed,  each  amendment  and  supplement  to such
Registration  Statement  (in  each  case  including  all  exhibits  thereto  and
documents  incorporated by reference  therein),  the prospectus included in such
Registration Statement (including each preliminary  prospectus),  and such other
documents as the holders of Registrable Securities included in such registration
or legal  counsel for any such  holders may request in order to  facilitate  the
disposition of the Registrable Securities owned by such holders.
<PAGE>

                        3.1.3.  AMENDMENTS  AND  SUPPLEMENTS.  The Company shall
prepare and file with the Commission such amendments,  including  post-effective
amendments,  and supplements to such  Registration  Statement and the prospectus
used in  connection  therewith  as may be  necessary  to keep such  Registration
Statement  effective and in compliance with the provisions of the Securities Act
until  all  Registrable   Securities  and  other  securities   covered  by  such
Registration  Statement  have been disposed of in  accordance  with the intended
method(s) of distribution set forth in such Registration Statement (which period
shall not exceed the sum of one hundred eighty (180) days plus any period during
which any such disposition is interfered with by any stop order or injunction of
the Commission or any governmental agency or court) or such securities have been
withdrawn.

                        3.1.4.  NOTIFICATION. After the filing of a Registration
Statement,  the  Company  shall  promptly,  and in no  event  more  than two (2)
business days after such filing,  notify the holders of  Registrable  Securities
included in such Registration Statement of such filing, and shall further notify
such holders  promptly  and confirm such advice in writing in all events  within
two (2) business days of the occurrence of any of the  following:  (i) when such
Registration Statement becomes effective; (ii) when any post-effective amendment
to  such  Registration  Statement  becomes  effective;  (iii)  the  issuance  or
threatened  issuance by the  Commission of any stop order (and the Company shall
take all  actions  required to prevent the entry of such stop order or to remove
it if  entered);  and (iv) any request by the  Commission  for any  amendment or
supplement to such Registration  Statement or any prospectus relating thereto or
for  additional  information  or of the  occurrence  of an event  requiring  the
preparation  of a  supplement  or  amendment  to such  prospectus  so  that,  as
thereafter  delivered  to the  purchasers  of the  securities  covered  by  such
Registration Statement,  such prospectus will not contain an untrue statement of
a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements  therein not  misleading,  and promptly make
available to the holders of Registrable Securities included in such Registration
Statement any such  supplement or amendment;  except that before filing with the
Commission a Registration Statement or prospectus or any amendment or supplement
thereto,  including  documents  incorporated  by  reference,  the Company  shall
furnish to the holders of Registrable  Securities  included in such Registration
Statement  and to the legal  counsel  for any such  holders,  copies of all such
documents proposed to be filed sufficiently in advance of filing to provide such
holders and legal counsel with a reasonable opportunity to review such documents
and comment thereon,  and the Company shall not file any Registration  Statement
or  prospectus  or  amendment  or  supplement   thereto,   including   documents
incorporated  by  reference,  to which such holders or their legal counsel shall
reasonably object.

                        3.1.5.  STATE  SECURITIES LAWS  COMPLIANCE.  The Company
shall use its best efforts to (i) register or qualify the Registrable Securities
covered by the  Registration  Statement under such securities or "blue sky" laws
of such  jurisdictions  in the  United  States  as the  holders  of  Registrable
Securities  included in such Registration  Statement (in light of their intended
plan of  distribution)  may request and (ii) take such action necessary to cause
such  Registrable  Securities  covered  by  the  Registration  Statement  to  be
registered  with or approved by such other  Governmental  Authorities  as may be
necessary by virtue of the business and operations of the Company and do any and
all other acts and  things  that may be  necessary  or  advisable  to enable the
holders of Registrable  Securities  included in such  Registration  Statement to
consummate the disposition of such Registrable Securities in such jurisdictions;
provided,  however,  that the

<PAGE>

Company  shall not be  required  to  qualify  generally  to do  business  in any
jurisdiction  where it would not  otherwise  be required to qualify but for this
paragraph or subject itself to taxation in any such jurisdiction.

                        3.1.6.  AGREEMENTS  FOR  DISPOSITION.  The Company shall
enter into  customary  agreements  (including,  if applicable,  an  underwriting
agreement  in  customary  form) and take such other  actions  as are  reasonably
required in order to expedite or facilitate the disposition of such  Registrable
Securities. The representations,  warranties and covenants of the Company in any
underwriting agreement which are made to or for the benefit of any Underwriters,
to the  extent  applicable,  shall  also be made to and for the  benefit  of the
holders of Registrable  Securities included in such registration  statement.  No
holder of Registrable  Securities included in such registration  statement shall
be  required  to make any  representations  or  warranties  in the  underwriting
agreement  except,  if applicable,  with respect to such holder's  organization,
good standing,  authority, title to Registrable Securities,  lack of conflict of
such sale with such holder's material  agreements and organizational  documents,
and with respect to written information relating to such holder that such holder
has furnished in writing expressly for inclusion in such Registration Statement.

                        3.1.7.  COOPERATION.  The principal executive officer of
the Company,  the  principal  financial  officer of the Company,  the  principal
accounting  officer of the  Company  and all other  officers  and members of the
management of the Company shall  cooperate  fully in any offering of Registrable
Securities hereunder,  which cooperation shall include, without limitation,  the
preparation of the Registration  Statement with respect to such offering and all
other offering  materials and related  documents,  and participation in meetings
with Underwriters, attorneys, accountants and potential investors.

                        3.1.8.  RECORDS.  The Company  shall make  available for
inspection  by  the  holders  of   Registrable   Securities   included  in  such
Registration  Statement,  any  Underwriter   participating  in  any  disposition
pursuant to such  registration  statement and any attorney,  accountant or other
professional  retained by any holder of Registrable  Securities included in such
Registration  Statement or any  Underwriter,  all financial  and other  records,
pertinent  corporate  documents  and  properties  of the  Company,  as  shall be
necessary to enable them to exercise  their due  diligence  responsibility,  and
cause the Company's officers,  directors and employees to supply all information
requested by any of them in connection with such Registration Statement.

                        3.1.9.  OPINIONS AND COMFORT LETTERS.  The Company shall
furnish to each holder of Registrable  Securities  included in any  Registration
Statement a signed counterpart,  addressed to such holder, of (i) any opinion of
counsel to the Company  delivered to any Underwriter and (ii) any comfort letter
from the Company's  independent public accountants delivered to any Underwriter.
In the event no legal opinion is delivered to any Underwriter, the Company shall
furnish to each holder of Registrable  Securities  included in such Registration
Statement,  at any time that such holder elects to use a prospectus,  an opinion
of  counsel  to the  Company  to the  effect  that  the  Registration  Statement
containing such prospectus has been declared effective and that no stop order is
in effect.

                        3.1.10. EARNINGS  STATEMENT.  The Company  shall  comply
with all applicable  rules and  regulations of the Commission and the Securities
Act, and make available to

<PAGE>

its  stockholders,  as soon as  practicable,  an earnings  statement  covering a
period of twelve  (12)  months,  beginning  within  three (3)  months  after the
effective date of the  registration  statement,  which earnings  statement shall
satisfy  the  provisions  of Section  11(a) of the  Securities  Act and Rule 158
thereunder.

                        3.1.11. LISTING.  The Company shall use its best efforts
to cause all Registrable Securities included in any registration to be listed on
such exchanges or otherwise designated for trading in the same manner as similar
securities  issued by the Company are then listed or  designated  or, if no such
similar  securities are then listed or designated,  in a manner  satisfactory to
the  holders  of a  majority  of the  Registrable  Securities  included  in such
registration.

                3.2.    OBLIGATION TO SUSPEND DISTRIBUTION.  Upon receipt of any
notice from the Company of the  happening of any event of the kind  described in
Section 3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant
to Section 2.3 hereof, upon any suspension by the Company, pursuant to a written
insider trading  compliance program adopted by the Company's Board of Directors,
of the  ability of all  "insiders"  covered by such  program to  transact in the
Company's   securities   because  of  the   existence  of  material   non-public
information,  each holder of Registrable Securities included in any registration
shall  immediately   discontinue  disposition  of  such  Registrable  Securities
pursuant to the  Registration  Statement  covering such  Registrable  Securities
until such holder receives the supplemented or amended  prospectus  contemplated
by Section 3.1.4(iv) or the restriction on the ability of "insiders" to transact
in the Company's  securities is removed,  as applicable,  and, if so directed by
the Company, each such holder will deliver to the Company all copies, other than
permanent  file  copies  then in such  holder's  possession,  of the most recent
prospectus  covering such Registrable  Securities at the time of receipt of such
notice.

                3.3.    REGISTRATION  EXPENSES. The Company shall bear all costs
and expenses  incurred in connection  with any Demand  Registration  pursuant to
Section  2.1,  any  Piggy-Back  Registration  pursuant to Section  2.2,  and any
registration  on Form S-3  effected  pursuant to Section  2.3,  and all expenses
incurred  in  performing  or  complying  with its other  obligations  under this
Agreement,   whether  or  not  the  Registration  Statement  becomes  effective,
including,  without limitation:  (i) all registration and filing fees; (ii) fees
and expenses of compliance  with  securities or "blue sky" laws  (including fees
and  disbursements of counsel in connection with blue sky  qualifications of the
Registrable  Securities);  (iii) printing expenses;  (iv) the Company's internal
expenses  (including,  without  limitation,  all  salaries  and  expenses of its
officers and employees);  (v) the fees and expenses  incurred in connection with
the listing of the Registrable  Securities as required by Section  3.1.11;  (vi)
National   Association  of  Securities  Dealers,   Inc.  fees;  (vii)  fees  and
disbursements  of counsel for the Company and fees and expenses for  independent
certified public accountants  retained by the Company (including the expenses or
costs associated with the delivery of any opinions or comfort letters  requested
pursuant to Section 3.1.9);  (viii) the fees and expenses of any special experts
retained by the Company in connection with such  registration  and (ix) the fees
and   expenses   of  one  legal   counsel   selected   by  the   holders   of  a
majority-in-interest   of  the   Registrable   Securities   included   in   such
registration.  The  Company  shall have no  obligation  to pay any  underwriting
discounts or selling  commissions  attributable  to the  Registrable  Securities
being sold by the  holders  thereof,  which  underwriting  discounts  or selling
commissions shall be borne by such holders. Additionally, in an

<PAGE>

underwritten  offering,  all selling stockholders and the Company shall bear the
expenses of the underwriter  pro rata in proportion to the respective  amount of
shares each is selling in such offering.

                3.4.    INFORMATION. The holders of Registrable Securities shall
provide such  information as may reasonably be requested by the Company,  or the
managing  Underwriter,  if  any,  in  connection  with  the  preparation  of any
Registration  Statement,  including amendments and supplements thereto, in order
to effect the  registration of any Registrable  Securities  under the Securities
Act pursuant to Section 2 and in  connection  with the  Company's  obligation to
comply with federal and applicable state securities laws.

        4.      INDEMNIFICATION AND CONTRIBUTION.

                4.1.    INDEMNIFICATION  BY THE COMPANY.  The Company  agrees to
indemnify  and hold  harmless the Investor and each other holder of  Registrable
Securities,  and  each of  their  respective  officers,  employees,  affiliates,
directors, partners, members, attorneys and agents, and each person, if any, who
controls the Investor and each other holder of  Registrable  Securities  (within
the meaning of Section 15 of the  Securities  Act or Section 20 of the  Exchange
Act) (each,  an "Investor  Indemnified  Party"),  from and against any expenses,
losses,  judgments,  claims,  damages or liabilities,  whether joint or several,
arising  out  of or  based  upon  any  untrue  statement  (or  allegedly  untrue
statement)  of a material fact  contained in any  Registration  Statement  under
which  the  sale  of  such  Registrable  Securities  was  registered  under  the
Securities  Act,  any  preliminary  prospectus,   final  prospectus  or  summary
prospectus  contained  in  the  Registration  Statement,  or  any  amendment  or
supplement to such Registration  Statement,  or arising out of or based upon any
omission (or alleged  omission) to state a material  fact  required to be stated
therein or  necessary  to make the  statements  therein not  misleading,  or any
violation  by the  Company  of the  Securities  Act or any  rule  or  regulation
promulgated  thereunder  applicable  to the  Company  and  relating to action or
inaction required of the Company in connection with any such  registration;  and
the Company  shall  promptly  reimburse the Investor  Indemnified  Party for any
legal and any other expenses  reasonably  incurred by such Investor  Indemnified
Party in connection  with  investigating  and defending any such expense,  loss,
judgment,  claim,  damage,  liability  or action;  provided,  however,  that the
Company will not be liable in any such case to the extent that any such expense,
loss,  claim,  damage or  liability  arises  out of or is based  upon any untrue
statement or allegedly  untrue statement or omission or alleged omission made in
such  Registration  Statement,  preliminary  prospectus,  final  prospectus,  or
summary prospectus, or any such amendment or supplement, in reliance upon and in
conformity  with  information  furnished  to the  Company,  in writing,  by such
selling holder  expressly for use therein.  The Company also shall indemnify any
Underwriter  of  the  Registrable   Securities,   their  officers,   affiliates,
directors,  partners,  members  and agents and each  person  who  controls  such
Underwriter  on  substantially  the same  basis  as that of the  indemnification
provided above in this Section 4.1.

                4.2.    INDEMNIFICATION  BY HOLDERS OF  REGISTRABLE  SECURITIES.
Each  selling  holder of  Registrable  Securities  will,  in the event  that any
registration  is being  effected  under  the  Securities  Act  pursuant  to this
Agreement of any Registrable  Securities held by such selling holder,  indemnify
and hold  harmless  the  Company,  each of its  directors  and officers and each
underwriter  (if any), and each other selling  holder and each other person,  if
any, who controls

<PAGE>

another selling holder or such underwriter  within the meaning of the Securities
Act,  against any losses,  claims,  judgments,  damages or liabilities,  whether
joint  or  several,  insofar  as such  losses,  claims,  judgments,  damages  or
liabilities  (or actions in respect  thereof) arise out of or are based upon any
untrue  statement or allegedly  untrue statement of a material fact contained in
any Registration  Statement under which the sale of such Registrable  Securities
was  registered  under the Securities  Act, any  preliminary  prospectus,  final
prospectus or summary prospectus contained in the Registration Statement, or any
amendment or supplement to the  Registration  Statement,  or arise out of or are
based  upon any  omission  or the  alleged  omission  to state a  material  fact
required to be stated  therein or  necessary to make the  statement  therein not
misleading,  if the  statement  or  omission  was made in  reliance  upon and in
conformity with information  furnished in writing to the Company by such selling
holder expressly for use therein, and shall reimburse the Company, its directors
and officers,  and each other selling holder or controlling person for any legal
or  other  expenses  reasonably  incurred  by any of  them  in  connection  with
investigation or defending any such loss,  claim,  damage,  liability or action.
Each selling holder's indemnification obligations hereunder shall be several and
not joint and  shall be  limited  to the  amount  of any net  proceeds  actually
received by such selling holder.

                4.3.    CONDUCT OF INDEMNIFICATION  PROCEEDINGS.  Promptly after
receipt by any person of any notice of any loss,  claim,  damage or liability or
any action in respect of which  indemnity may be sought  pursuant to Section 4.1
or 4.2,  such  person (the  "Indemnified  Party")  shall,  if a claim in respect
thereof is to be made  against any other person for  indemnification  hereunder,
notify  such other  person  (the  "Indemnifying  Party") in writing of the loss,
claim,  judgment,  damage,  liability  or action;  provided,  however,  that the
failure by the  Indemnified  Party to notify the  Indemnifying  Party  shall not
relieve the Indemnifying  Party from any liability which the Indemnifying  Party
may have to such Indemnified  Party  hereunder,  except and solely to the extent
the  Indemnifying  Party  is  actually   prejudiced  by  such  failure.  If  the
Indemnified Party is seeking indemnification with respect to any claim or action
brought  against the Indemnified  Party,  then the  Indemnifying  Party shall be
entitled  to  participate  in such claim or action,  and,  to the extent that it
wishes,  jointly with all other Indemnifying  Parties,  to assume control of the
defense thereof with counsel satisfactory to the Indemnified Party. After notice
from the Indemnifying  Party to the Indemnified  Party of its election to assume
control of the defense of such claim or action, the Indemnifying Party shall not
be liable to the Indemnified Party for any legal or other expenses  subsequently
incurred by the  Indemnified  Party in connection with the defense thereof other
than reasonable costs of investigation; provided, however, that in any action in
which  both the  Indemnified  Party  and the  Indemnifying  Party  are  named as
defendants,  the  Indemnified  Party  shall  have the right to  employ  separate
counsel  (but  no  more  than  one  such  separate  counsel)  to  represent  the
Indemnified  Party and its  controlling  persons who may be subject to liability
arising  out of any claim in  respect  of which  indemnity  may be sought by the
Indemnified Party against the Indemnifying  Party, with the fees and expenses of
such  counsel to be paid by such  Indemnifying  Party if, based upon the written
opinion of counsel of such Indemnified Party,  representation of both parties by
the same counsel  would be  inappropriate  due to actual or potential  differing
interests between them. No Indemnifying  Party shall,  without the prior written
consent of the  Indemnified  Party,  consent to entry of  judgment or effect any
settlement of any claim or pending or threatened  proceeding in respect of which
the  Indemnified  Party is or could have been a party and  indemnity  could have
been  sought  hereunder  by such  Indemnified  Party,  unless  such  judgment or
settlement includes

<PAGE>

an unconditional  release of such Indemnified  Party from all liability  arising
out of such claim or proceeding.

                4.4.    CONTRIBUTION.

                        4.4.1.  If  the  indemnification  provided  for  in  the
foregoing  Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified  Party in
respect of any loss, claim, damage, liability or action referred to herein, then
each such Indemnifying  Party, in lieu of indemnifying  such Indemnified  Party,
shall  contribute to the amount paid or payable by such  Indemnified  Party as a
result of such loss, claim, damage, liability or action in such proportion as is
appropriate  to reflect the relative  fault of the  Indemnified  Parties and the
Indemnifying  Parties in connection with the actions or omissions which resulted
in such loss, claim, damage,  liability or action, as well as any other relevant
equitable  considerations.  The relative fault of any Indemnified  Party and any
Indemnifying  Party shall be  determined  by reference  to, among other  things,
whether  the  untrue or  alleged  untrue  statement  of a  material  fact or the
omission or alleged  omission to state a material  fact  relates to  information
supplied by such Indemnified Party or such  Indemnifying  Party and the parties'
relative intent, knowledge,  access to information and opportunity to correct or
prevent such statement or omission.

                        4.4.2.  The  parties  hereto  agree that it would not be
just and equitable if contribution  pursuant to this Section 4.4 were determined
by pro rata allocation or by any other method of allocation  which does not take
account of the equitable considerations referred to in the immediately preceding
Section 4.4.1. The amount paid or payable by an Indemnified Party as a result of
any loss,  claim,  damage,  liability or action  referred to in the  immediately
preceding  paragraph shall be deemed to include,  subject to the limitations set
forth above, any legal or other expenses  incurred by such Indemnified  Party in
connection   with   investigating   or  defending  any  such  action  or  claim.
Notwithstanding  the  provisions  of this Section 4.4, no holder of  Registrable
Securities  shall be required to  contribute  any amount in excess of the dollar
amount of the net proceeds (after payment of any underwriting  fees,  discounts,
commissions  or  taxes)  actually  received  by such  holder  from  the  sale of
Registrable  Securities  which  gave rise to such  contribution  obligation.  No
person  guilty of  fraudulent  misrepresentation  (within the meaning of Section
11(f) of the Securities Act) shall be entitled to  contribution  from any person
who was not guilty of such fraudulent misrepresentation.

        5.      UNDERWRITING AND DISTRIBUTION.

                5.1.    RULE 144. The Company  covenants  that it shall file any
reports required to be filed by it under the Securities Act and the Exchange Act
and shall take such further action as the holders of Registrable  Securities may
reasonably request,  all to the extent required from time to time to enable such
holders to sell Registrable Securities without registration under the Securities
Act within  the  limitation  of the  exemptions  provided  by Rule 144 under the
Securities  Act, as such Rules may be amended from time to time,  or any similar
Rule or regulation hereafter adopted by the Commission.
<PAGE>

        6.      MISCELLANEOUS.

                6.1.    OTHER REGISTRATION RIGHTS.  Except with respect to those
securities issued or issuable upon exercise of that certain Unit Purchase Option
to be issued to Ladenburg  Thalmann & Co. Inc. or its  designees  in  connection
with the Company's  initial public offering in 2006, the Company  represents and
warrants that no person, other than a holder of the Registrable Securities,  has
any right to require the Company to register any shares of the Company's capital
stock  for sale or to  include  shares  of the  Company's  capital  stock in any
registration  filed by the Company  for the sale of shares of capital  stock for
its own account or for the account of any other person.

                6.2.    ASSIGNMENT; NO THIRD PARTY BENEFICIARIES. This Agreement
and the  rights,  duties and  obligations  of the Company  hereunder  may not be
assigned or delegated by the Company in whole or in part. This Agreement and the
rights,  duties  and  obligations  of  the  holders  of  Registrable  Securities
hereunder  may be freely  assigned or  delegated  by such holder of  Registrable
Securities in conjunction  with and to the extent of any transfer of Registrable
Securities by any such holder. This Agreement and the provisions hereof shall be
binding upon and shall inure to the benefit of each of the parties, to Ladenburg
Thalmann & Co. Inc. and its successors and the permitted assigns of the Investor
or holder of Registrable Securities or of any assignee of the Investor or holder
of Registrable  Securities.  This Agreement is not intended to confer any rights
or benefits on any persons that are not party hereto other than as expressly set
forth in Article 4 and this Section 6.2.

                6.3.    NOTICES.  All  notices,  demands,  requests,   consents,
approvals  or  other  communications   (collectively,   "Notices")  required  or
permitted  to be given  hereunder  or  which  are  given  with  respect  to this
Agreement  shall be in writing  and shall be  personally  served,  delivered  by
reputable  air courier  service with charges  prepaid,  or  transmitted  by hand
delivery, telegram, telex or facsimile, addressed as set forth below, or to such
other  address  as such party  shall have  specified  most  recently  by written
notice.  Notice shall be deemed given on the date of service or  transmission if
personally served or transmitted by telegram, telex or facsimile; provided, that
if such  service or  transmission  is not on a business  day or is after  normal
business hours, then such notice shall be deemed given on the next business day.
Notice  otherwise  sent as  provided  herein  shall be deemed  given on the next
business day following timely delivery of such notice to a reputable air courier
service with an order for next-day delivery.

                TO THE COMPANY:

                Media & Entertainment Holdings, Inc.
                4429 Edmondson Avenue
                Dallas, TX 75205
                Attn:  Herbert A. Granath, Chief Executive Officer

                with a copy to:

                Kirkpatrick and Lockhart Nicholson Graham LLP
                599 Lexington Avenue

<PAGE>

                New York, New York 10022
                Attn:  Robert S. Matlin, Esq.

                and

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

                TO THE INVESTOR, TO:

                [To follow]

                6.4.    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
this Agreement a provision as similar in terms to such invalid or  unenforceable
provision as may be possible that is valid and enforceable.

                6.5.    COUNTERPARTS. This Agreement may be executed in multiple
counterparts,  each of which shall be deemed an original, and all of which taken
together shall constitute one and the same instrument.

                6.6.    ENTIRE   AGREEMENT.   This   Agreement   (including  all
agreements  entered into pursuant  hereto and all  certificates  and instruments
delivered  pursuant hereto and thereto)  constitute the entire  agreement of the
parties with respect to the subject  matter  hereof and  supersede all prior and
contemporaneous agreements,  representations,  understandings,  negotiations and
discussions between the parties, whether oral or written.

                6.7.    MODIFICATIONS AND AMENDMENTS. No amendment, modification
or termination of this Agreement shall be binding upon any party unless executed
in writing by such party.  Notwithstanding  the  foregoing,  any and all parties
must obtain the  written  consent of  Ladenburg  Thalmann & Co. Inc. to amend or
modify this Agreement.

                6.8.    TITLES AND HEADINGS.  Titles and headings of sections of
this Agreement are for convenience only and shall not affect the construction of
any provision of this Agreement.

                6.9.    WAIVERS AND EXTENSIONS.  Any party to this Agreement may
waive any  right,  breach or  default  which  such party has the right to waive,
provided that such waiver will not be effective against the waiving party unless
it is in  writing,  is signed by such  party,  and  specifically  refers to this
Agreement.  Waivers may be made in advance or after the right  waived has arisen
or the breach or default waived has occurred. Any waiver may be conditional.  No
waiver of any breach of any  agreement or provision  herein  contained  shall be
deemed a waiver of any preceding or succeeding  breach  thereof nor of any other
agreement  or  provision  herein

<PAGE>

contained.  No waiver or extension of time for performance of any obligations or
acts shall be deemed a waiver or  extension of the time for  performance  of any
other obligations or acts.

                6.10.   REMEDIES CUMULATIVE. In the event that the Company fails
to observe or perform any  covenant  or  agreement  to be observed or  performed
under this Agreement, the Investor or any other holder of Registrable Securities
may  proceed to protect  and  enforce  its rights by suit in equity or action at
law, whether for specific performance of any term contained in this Agreement or
for an injunction  against the breach of any such term or in aid of the exercise
of any  power  granted  in this  Agreement  or to  enforce  any  other  legal or
equitable  right,  or to take  any one or more of such  actions,  without  being
required to post a bond. None of the rights,  powers or remedies conferred under
this Agreement shall be mutually exclusive, and each such right, power or remedy
shall be cumulative and in addition to any other right, power or remedy, whether
conferred by this Agreement or now or hereafter  available at law, in equity, by
statute or otherwise.

                6.11.   GOVERNING  LAW.  This  Agreement  shall be governed  by,
interpreted  under,  and construed in  accordance  with the internal laws of the
State of New York applicable to agreements  made and to be performed  within the
State of New York, without giving effect to any choice-of-law provisions thereof
that  would  compel  the  application  of the  substantive  laws  of  any  other
jurisdiction.

                6.12.   WAIVER OF TRIAL BY JURY.  Each party hereby  irrevocably
and  unconditionally  waives the right to a trial by jury in any  action,  suit,
counterclaim or other proceeding (whether based on contract,  tort or otherwise)
arising out of,  connected with or relating to this Agreement,  the transactions
contemplated  hereby,  or the  actions  of  the  Investor  in  the  negotiation,
administration, performance or enforcement hereof.
<PAGE>

        IN WITNESS  WHEREOF,  the parties have caused this  Registration  Rights
Agreement to be executed and delivered by their duly authorized  representatives
as of the date first written above.

                                 MEDIA & ENTERTAINMENT HOLDINGS, INC.

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

                                 INVESTOR:

                                 ASTOR ASSET MANAGEMENT

                                 By:
                                     -------------------------------------------
                                      Name:
                                      Title:

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