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                                                                    EXHIBIT 10.7

                   SUBSCRIPTION AND DEBT CONVERSION AGREEMENT

Vitech America, Inc.
2190 NW 89th Place
Miami, FL 33172

Gentlemen:

         The undersigned is writing to advise you of the following terms and
conditions under which the undersigned hereby offers (the "Offer") to purchase
share(s) of common stock of Vitech America, Inc. (the "Company") in satisfaction
of certain debts owed by the Company to the undersigned.

         1.       Subscription

                  Subject  to the terms and conditions hereinafter set forth in
this Subscription and Debt Conversion Agreement ("Agreement"), the undersigned
hereby offers to purchase 4,653 shares of the Company's common stock (the
"Shares"), for $5.50 per share, or an aggregate purchase price of $25,588.00
(the "Purchase Price").

                  If the offer is accepted, the Shares shall be paid for by the
conversion of $25,588.00 of indebtedness (the "Indebtedness") of the Company to
the undersigned which represent all of the indebtedness of the Company to the
undersigned.

         2.       Conditions to Offer

                  Acceptance of this Offer shall be deemed given by the
countersigning of this Agreement on behalf of the Company.

         3.       Satisfaction of Indebtedness

                  Upon acceptance of this Agreement by the Company and issuance
of the Shares to the undersigned, the Indebtedness shall be fully satisfied and
the Company shall have no further obligation for the Indebtedness.

         4.       Representations and Warranties of the Undersigned

                  The undersigned, in order to induce the Company to accept this
Offer, hereby warrants and represents as follows:

                  (A)      The undersigned has sufficient liquid assets to
         sustain a loss of the undersigned's entire investment.

                  (B)      The undersigned represents that it is an Accredited
         Investor as that term is defined in Regulation D promulgated under the
         Act. In general, an

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         "accredited investor" is an organization described in Section 501(c)(8)
         of the Internal Revenue Code, a corporation, Massachusetts or similar
         business trust, or company, not formed for the specific purpose of
         acquiring the securities offered, with assets in excess of $5,000,000.

                  (C)      The Company has not made any representations or
         warranties to the undersigned with respect to the Company, its
         profitability or future performance or rendered any investment advice
         except as contained herein.

                  (D)      The undersigned has not authorized any person or
         institution to act as its Purchaser Representative (as that term is
         defined in Regulation D) in connection with this transaction. The
         undersigned has such knowledge and experience in financial, investment
         and business matters that it is capable of evaluating the merits and
         risks of the prospective investment in the securities of the Company.
         The undersigned has consulted with such independent legal counsel or
         other advisers as it has deemed appropriate to assist the undersigned
         in evaluating its proposed investment in the Company.

                  (E)      The undersigned represents that it (i) has adequate
         means of providing for its current financial needs and possible
         personal contingencies, and has no need for liquidity of investment in
         the Company; (ii) can afford (a) to hold unregistered securities for an
         indefinite period of time as required and (b) sustain a complete loss
         of the entire amount of the subscription; and (iii) has not made an
         overall commitment to investments which are not readily marketable
         which is disproportionate so as to cause such overall commitment to
         become excessive.

                  (F)      The undersigned has been afforded the opportunity to
         ask questions of, and receive answers from the officers and/or
         directors of the Company acting in its behalf concerning the terms and
         conditions of this transaction and to obtain any additional
         information, to the extent that the Company possesses such information
         or can acquire it without unreasonable effort or expense, necessary to
         verify the accuracy of the information furnished; and has availed
         itself of such opportunity to the extent it considers appropriate in
         order to permit it to evaluate the merits and risks of an investment in
         the Company. It is understood that all documents, records and books
         pertaining to this investment have been made available for inspection,
         and that the books and records of the Company will be available upon
         reasonable notice for inspection by investors during reasonable
         business hours at its principal place of business.

                  (G)      The undersigned acknowledges that the Shares have not
         been registered under the Act in reliance on an exemption for
         transactions by an issuer not involving a public offering.

                  (H)      The undersigned further acknowledges that this Offer
         has not been passed upon or the merits thereof endorsed or approved by
         any state or federal authorities.

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                  (I)      The Shares being subscribed for are being acquired
         solely for the account of the undersigned for personal investment and
         not with a view to, or for resale in connection with, any distribution
         in any jurisdiction where such sale or distribution would be precluded.
         By such representation, the undersigned means that no other person has
         a beneficial interest in the Shares subscribed for hereunder, and that
         no other person has furnished or will furnish directly or indirectly,
         any part of or guarantee the payment of any part of the consideration
         to be paid to the Company in connection therewith. The undersigned does
         not intend to dispose of all or any part of the Shares, except in
         compliance with the provisions of the Act and applicable state
         securities laws and understands that the Shares are being offered
         pursuant to a specific exemption under the provisions of the Act, which
         exemption(s) depends, among other things, upon the compliance with the
         provisions of the Act.

                  (J)      The undersigned understands that sales of the Shares
         may be subject to restrictions imposed under state securities laws. The
         undersigned further represents and agrees that the undersigned will not
         sell, transfer, pledge or otherwise dispose of or encumber the Shares,
         except pursuant to the applicable rules and regulations under
         applicable state securities laws, and prior to any such sale, transfer,
         pledge, disposition or encumbrance, the undersigned will, if requested,
         furnish the Company and its transfer agent with an opinion of counsel
         satisfactory to the Company in form and substance that registration
         under applicable state securities laws is not required.

                  (K)      The undersigned hereby agrees that the Company may
         place the following or similar legend on the face of the certificates
         evidencing Shares if required in compliance with state securities laws:

                  "These securities have not been registered under the
                  Securities Act of 1933, as amended, or any state securities
                  laws and may not be sold or otherwise transferred or disposed
                  of except pursuant to an effective registration statement
                  under any applicable federal and state securities laws, or an
                  opinion of counsel satisfactory to counsel to the Company that
                  an exemption from registration is available."

                  (L)      The undersigned certifies that each of the foregoing
         representations and warranties set forth in subsections (A) through (K)
         inclusive of this Section 4, are true as of the date hereof and shall
         survive such date.

         5.       Registration Rights

                  The Company shall prepare and file with the Securities and
Exchange Commission, a Registration Statement on Form S-3 (or if the Company is
not eligible to register for resale of the Shares on Form S-3, such registration
shall be on another

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appropriate form in accordance herewith) in accordance with the method or
methods of distribution thereof as specified by the undersigned, and use its
best efforts to cause the Registration Statement to become effective within 90
days of the date hereof and remain effective. The Company will be responsible to
pay for all registration costs and fees including all related attorney, auditor
or other expenses.

         6.       Indemnification

                  The undersigned understands that the Shares acquired pursuant
to this Agreement are being issued without registration under the Act and
applicable state securities laws in reliance upon the exemption for transactions
by an issuer not involving any public offering; that the availability of such
exemption is, in part, dependent upon the truthfulness and accuracy of the
representations made by the undersigned herein; that the Company will rely on
such representations in accepting this Offer for the Shares; and that the
Company may take such steps as it considers reasonable to verify the accuracy
and truthfulness of such representations in advance of accepting or rejecting
the undersigned's subscription. The undersigned agrees to indemnify and hold
harmless the Company against any damage, loss, expense or cost, including
reasonable attorney's fees, sustained as a result of any misrepresentation,
misstatement or omission on the undersigned's part.

         7.       State Legend

         FOR RESIDENTS OF ALL STATES: THE SECURITIES OFFERED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY
STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE
REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES ARE SUBJECT
TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR
RESOLD EXCEPT AS PERMITTED UNDER SAID ACT AND SUCH LAWS PURSUANT TO REGISTRATION
OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO
BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

         THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER REGULATORY
AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED
THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THIS MEMORANDUM.
ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

         8.       No Waiver

                  Notwithstanding any of the representations, warranties,
acknowledgements or agreements made herein by the undersigned, the undersigned
does

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not thereby or in any manner waive any rights granted to the undersigned under
federal or state securities laws.

         9.       Revocation

The undersigned agrees that he shall not cancel, terminate or revoke this
Agreement or any agreement the undersigned made hereunder, and that this
Agreement shall survive the death or disability of the undersigned.

         10.      Miscellaneous

                  (A)      All notices or other communications given or made
         hereunder shall be in writing and shall be mailed by registered or
         certified mail, return receipt requested, postage prepaid, to the
         undersigned at its address set forth below and to Vitech America, Inc.

                  (B)      This Agreement constitutes the entire agreement among
         the parties hereto with respect to the subject matter hereof and may be
         amended only by a writing executed by all parties.

                  (C)      The provisions of this Agreement shall survive the
         execution and acceptance hereof.

         11.      Certification

                  The undersigned certifies that he has read this entire
Agreement and that every statement on his part made and set forth herein is true
and complete.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the undersigned has executed this Subscription and Debt
Conversion Agreement on the date his signature has been subscribed and sworn to
below.

                                              CHENBRO AMERICA, INC.

                                               /s/ MINNIE L. WANG
                                              ---------------------
                                              By:
                                                 ------------------
                                              Its:
                                                 ------------------

The Shares are
To be issued as follows:

3,490 shares to be issued to:                 1,163 shares to be issued to:

Chenbro America, Inc.                         Newton & Assoc.
47676 Kato Rd.                                4101 California Ave.
Fremont, CA 94538                             Kenner, LA 70065

Accepted as of the 19 day
of July, 2000

VITECH AMERICA, INC.

By: /s/ EDWARD A. KELLY
   ----------------------------------------
   Edward A. Kelly, Chief Financial Officer

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                                                                  EXHIBIT 10.84

                          AMENDMENT TO LETTER OF INTENT

     The Letter of Intent between The Harvey Entertainment Company and Classic
Media LLC dated August 24, 2000 is hereby amended as of September 28, 2000, as
follows (capitalized terms not otherwise defined herein have the meanings set
forth in the Letter of Intent):

I.      Investor will invest $24 million in cash, contribute Investor's
        ownership interests in the UPA/Mr. Magoo library (at the valuation set
        forth in the LOI) and, if purchased by Investor prior to the Closing,
        contribute approximately $6 million face amount of Existing Preferred
        (assuming a purchase price of $2 million for such stock by Investor) in
        exchange for approximately $30 million of New Preferred. If Investor
        does not purchase the $6 million face amount of Existing Preferred, then
        the cash portion of the investment will be $26 million. (Investor
        advises the Company that it has negotiated an agreement in principle
        with one holder of Existing Preferred to purchase approximately $6
        million face amount of Existing Preferred.) Any financing warrants
        associated with the $6 million of Existing Preferred intended to be
        purchased by Investor will be cancelled.

II.     The New Preferred $3.00 conversion price and anti-dilution protection
        will be reduced to $2.85 per share.

III.    The financing warrants and performance warrants described in Paragraph
        2(b) of the LOI will remain unchanged.

IV.     The cash portion of the purchase price to be paid for the New Preferred
        will be used for working capital.

V.      The $4 million tranche of Existing Preferred conversion price and
        anti-dilution protection described in Paragraph 4(a) will be reduced
        from $3.00 to $2.85.

VI.     Investor is aware of the deteriorating cash situation at the Company
        which will preclude the Company from implementing its business plan, and
        will consider on mutually satisfactory terms making available to the
        Company up to $3 million in the form of a note subordinated to Chase and
        the former PM shareholders (using Chase's customary subordination
        agreement) for interim working capital purposes pending the close and to
        be used to begin production of three films at PM Entertainment as the
        parties have discussed. At the closing, the note would become part of
        the consideration to be paid by Investor for the New Preferred and would
        thereby reduce the cash portion of the purchase price payable at
        closing. If the closing does not occur, the note would be due 120 days
        after the maturity date of the Chase loan.

VII.    The Company shall seek a fairness opinion for this revised transaction
        by the close of business October 4, 2000. The parties shall continue to
        treat the failure to receive an affirmative fairness opinion as if it
        were a No Fault Termination at the end of the Due Diligence Period and,
        contrary to the provisions of Paragraph 7 of the Letter of Intent, in
        such event the Company will not be required to reimburse Investor for
        its out-of-pocket expenses.

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        Other than as set forth above or as contemplated thereby, the Letter of
Intent shall continue to be effective and binding.

THE HARVEY ENTERTAINMENT COMPANY

By:      /s/ ROGER A. BURLAGE
         ----------------------
         Name: Roger A. Burlage
         Title: Chairman and Chief Executive Officer

CLASSIC MEDIA LLC

By:      /s/ ERIC ELLENBOGEN
         ---------------------
         Name: Eric Ellenbogen
         Title: Chief Executive Officer and President

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