Document:

EXHIBIT 10.31

                                            April 25, 2006

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

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

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

             Re:        INITIAL PUBLIC OFFERING
             ---------- ------------------------

Gentlemen:

               The undersigned  stockholder of Media &  Entertainment  Holdings,
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 11 hereof):

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

               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 take all
reasonable actions within its power to cause the Company to liquidate as soon as
reasonably practicable.  The undersigned 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) as a result of such liquidation with respect to
its Insider  Shares  ("Claim") and 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 undersigned agrees to indemnify and hold harmless
the Company  against  any and all loss,  liability,  claims,  damage and expense
whatsoever  (including,  but not limited to, any and all legal or other expenses
reasonably  incurred  in  investigating,  preparing  or  defending  against  any
litigation, whether pending or threatened, or any claim

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Media & Entertainment Holdings, Inc.
Ladenburg Thalmann & Co. Inc.
April 25, 2006
Page 2

whatsoever) which the Company may become subject as a result of any claim by any
vendor that is owed money by the Company for services  rendered or products sold
but only to the extent  necessary  to ensure that such loss,  liability,  claim,
damage or expense  does not  reduce the amount in the Trust Fund (as  defined in
the Letter of Intent).

               3. The undersigned  acknowledges and agrees that the Company will
not  consummate  any  Business  Combination  which  involves a company  which is
affiliated  with any of the Insiders  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  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 the consummation of the Business Combination.

               5.  Neither  the   undersigned   nor  or  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 or any Affiliate of the  undersigned
originates a Business Combination.

               6. The undersigned  will escrow its Insider Shares for the period
commencing on the Effective Date and ending one year from the  consummation of a
business combination, 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 represents and warrants that:

               (a) it is not 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) it has never 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 it is not currently a defendant in any such criminal  proceeding;
and

               (c) it has never been  suspended or expelled  from  membership in
any  securities or  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 he is bound, to enter into this letter agreement.

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Media & Entertainment Holdings, Inc.
Ladenburg Thalmann & Co. Inc.
April 25, 2006
Page 3

               9. 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 selected by the Company;
(ii)  "Insiders"  shall mean all officers and directors who are  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; and (iv) "IPO  Shares"  shall mean the shares of Common Stock issued in the
Company's IPO.

               10.  The   undersigned   hereby  waives  its  right  to  exercise
conversion  rights with respect to any Insider Shares and/or IPO Shares owned by
the  undersigned,  directly  or  indirectly,  and  agrees  that it will not seek
conversion  with respect to such Insider  Shares and/or IPO Shares in connection
with any vote to approve a Business  Combination  (as is more fully described in
the Company's Prospectus relating to its IPO).

                                           ASTOR PROPRIETARY TRADING GROUP, LLC

                                           By: /s/ Rob Stein
                                              ---------------------
                                           Name:   Rob Stein
                                           Title:  Managing PartnerEXHIBIT 10.32

                             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 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 Founders' Warrant for an aggregate purchase
price of $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 (less $50,000, representing the
aggregate amount of the loan made by the undersigned to the Corporation to fund
its working capital requirements prior to the date hereof, which loan is being
repaid out of the proceeds of the IPO) 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 (less $50,000,
representing the aggregate amount of the loan made by the undersigned to the
Corporation to fund its working capital requirements prior to the date hereof,
which loan is being repaid out of the proceeds of the IPO) 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 (or any of
the underlying shares of common stock) 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.

<PAGE>

        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 Corporation
consummates a merger, capital stock exchange, asset acquisition or other similar
business combination with an operating business ("Business Combination") 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,

                                                   /s/ Herbert A. Granath
                                                   ----------------------
                                                   HERBERT A. GRANATH
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

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