Document:

EXHIBIT 10.4

                                        August 25, 2005

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

Jesup & Lamont Securities Corporation
650 Fifth Avenue
New York, New York 10019

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

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

Gentlemen:

              The  undersigned  stockholder,  officer and/or director of Media &
Entertainment  Holdings,  Inc.  ("Company"),  in consideration of Jesup & Lamont
Securities  Corporation  ("Jesup  &  Lamont")  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 owned by him
in  accordance  with the  majority  of the votes cast by the  holders of the IPO
Shares.

              2.     In the  event  that  the  Company  fails  to  consummate  a
Business Combination within 18 months from the effective date ("Effective Date")
of the  registration  statement  relating  to the IPO (or 24  months  under  the
circumstances  described in the prospectus relating to the IPO), the undersigned
will take all  reasonable  actions  within  his 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 his 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 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).

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Media & Entertainment Holdings, Inc.
Jesup & Lamont Securities Corporation
August 25, 2005
Page 2

              3.     In order to minimize potential  conflicts of interest which
may arise from multiple  affiliations,  the undersigned agrees to present to the
Company for its  consideration,  prior to  presentation  to any other  person or
entity,  any suitable  opportunity to acquire an operating  business,  until the
earlier  of the  consummation  by the  Company of a  Business  Combination,  the
liquidation of the Company or until such time as the undersigned ceases to be an
officer  or  director  of the  Company,  subject to any  pre-existing  fiduciary
obligations the undersigned might have.

              4.     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 Jesup & Lamont
that the  business  combination  is fair to the  Company's  stockholders  from a
financial perspective.

              5.     Neither  the  undersigned,  any member of the family of 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; provided that commencing on the
Effective Date, Transmedia  Corporation  ("Related Party"),  shall be allowed to
charge the Company an allocable  share of Related Party's  overhead,  $7,500 per
month, to compensate it for certain  administrative,  technology and secretarial
services,  as well as the use of certain  limited office space in Dallas,  Texas
that it will provide to the Company.  Related  Party and the  undersigned  shall
also be entitled  to  reimbursement  from the  Company  for their  out-of-pocket
expenses  incurred  in  connection  with  seeking  and  consummating  a Business
Combination.

              6.     Neither  the  undersigned,  any member of the family of the
undersigned,  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,
any member of the family of the  undersigned or any Affiliate of the undersigned
originates a Business Combination.

              7.     The  undersigned  will  escrow his  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.

              8.     The  undersigned  agrees to be  Executive  Vice  President,
Secretary and Director of the Company until the earlier of the  consummation  by
the Company of a Business  Combination or the  liquidation  of the Company.  The
undersigned's  biographical  information  furnished  to the  Company and Jesup &
Lamont and attached  hereto as Exhibit A is true and  accurate in all  respects,
does  not  omit any  material  information  with  respect  to the  undersigned's
background and contains all of the information required to be disclosed pursuant
to Section 401 of Regulation S-K,  promulgated under the Securities Act of 1933.
The undersigned's  Questionnaire furnished to the Company and Jesup & Lamont and
annexed  as  Exhibit  B  hereto  is  true  and  accurate  in all  respects.  The
undersigned represents and warrants that:

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Media & Entertainment Holdings, Inc.
Jesup & Lamont Securities Corporation
August 25, 2005
Page 3

              (a)    he 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)    he 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 he is not currently a defendant in any such criminal  proceeding;
and

              (c)    he 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.

              9.     The undersigned has full right and power, without violating
any agreement by which he is bound,  to enter into this letter  agreement and to
serve as Executive Vice President, Secretary and Director of the Company.

              10.    The   undersigned   authorizes   any  employer,   financial
institution,  or consumer credit  reporting  agency to release to Jesup & Lamont
and its legal representatives or agents (including any investigative search firm
retained  by  Jesup  &  Lamont)  any   information   they  may  have  about  the
undersigned's background and finances  ("Information"),  purely for the purposes
of the Company's IPO (and shall thereafter hold such information  confidential).
Neither Jesup & Lamont nor its agents shall be violating the undersigned's right
of privacy in any manner in requesting  and obtaining  the  Information  and the
undersigned  hereby  releases them from  liability for any damage  whatsoever in
that connection.

              11.    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.

                                        /s/ Bruce Maggin
                                        Bruce Maggin

                                       3
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Media & Entertainment Holdings, Inc.
Jesup & Lamont Securities Corporation
August 25, 2005
Page 4

                                    EXHIBIT A

BRUCE MAGGIN has been the Executive Vice President and Secretary and a Director
of our company since August 2005. Mr. Maggin currently serves as the Vice
President, Secretary and a Managing Member of The H.A.M Media Group, LLC, an
international investment and advisory firm specializing in the entertainment and
communications industries, which he co-founded in 1997. From February 1999 to
November 2002, Mr. Maggin was Chief Executive Officer of "at TV Media," a joint
venture of NBC, Gemstar International, and Thomson Multimedia. Mr. Maggin
currently serves on the Board of Directors of Phillips-Van Heusen Corporation,
China Media Networks International (formerly Metaphor Corp.) and Central
European Media Enterprises Ltd., each of which is a publicly-traded company.
Prior to forming the H.A.M. Media Group, Mr. Maggin served in a variety of
positions at Capital Cities/ABC. From 1993 to 1996, he was responsible for
directing the company's activities in the digital world including the production
of content for video games, the internet, and video on demand. From 1986 to
1993, Mr. Maggin served as Executive Vice President of the
Development/Operations division of Capital Cities/ABC Video Enterprises, where
he oversaw all of the company's start-up and venture business activities. Prior
to such time, Mr. Maggin served as a merger and acquisition consultant for CFC,
a unit of The Irving Trust Company, and as Vice President of Ziff Corporation,
the parent company of Ziff-Davis Publishing and Broadcasting. Mr. Maggin also
served on the Boards of Directors of the Lifetime Television Network from 1983
to 1995, of ESPN from 1984 to 1996, of Newstar Media (formerly Dove
Entertainment) from 1997 to December 2000 and of Avalon Digital Marketing
Systems (formerly Mindarrow Systems) from August 2001 to April 2003.

                                       4EXHIBIT 10.5

                                 PROMISSORY NOTE

$25,000.00                                                 As of August 25, 2005
Dallas, Texas

         Media & Entertainment Holdings, Inc. (the "Maker") promises to pay to
the order of Herbert A. Granath (the "Payee") the principal sum of TWENTY-FIVE
THOUSAND and 00/100 dollars ($25,000.00) in lawful money of the United States of
America on the terms and conditions described below.

1)     PRINCIPAL. The principal balance of this Note shall be repayable on the
earlier of (i) August 25, 2006 or (ii) the date on which Maker consummates an
initial public offering of its securities.

2)     INTEREST. No interest shall accrue on the unpaid principal balance of
this Note.

3)     APPLICATION OF PAYMENTS. All payments shall be applied first to payment
in full of any costs incurred in the collection of any sum due under this Note,
including (without limitation) reasonable attorneys' fees, then to the payment
in full of any late charges and finally to the reduction of the unpaid principal
balance of this Note.

4)     EVENTS OF DEFAULT. The following shall constitute Events of Default:

       a)     Failure to Make Required Payments. Failure by Maker to pay the
       principal of or accrued interest on this Note within five (5) business
       days following the date when due.

       b)     Voluntary Bankruptcy, Etc. The commencement by Maker of a
       voluntary case under the Federal Bankruptcy Code, as now constituted or
       hereafter amended, or any other applicable federal or state bankruptcy,
       insolvency, reorganization, rehabilitation or other similar law, or the
       consent by it to the appointment of or taking possession by a receiver,
       liquidator, assignee, trustee, custodian, sequestrator (or other similar
       official) of Maker or for any substantial part of its property, or the
       making by it of any assignment for the benefit of creditors, or the
       failure of Maker generally to pay its debts as such debts become due, or
       the taking of corporate action by Maker in furtherance of any of the
       foregoing.

       c)     Involuntary Bankruptcy, Etc. The entry of a decree or order for
       relief by a court having jurisdiction in the premises in respect of maker
       in an involuntary case under the Federal Bankruptcy Code, as now or
       hereafter constituted, or any other applicable federal or state
       bankruptcy, insolvency or other similar law, or appointing a receiver,
       liquidator, assignee, custodian, trustee, sequestrator (or similar
       official) of Maker or for any substantial part of its property, or
       ordering the winding-up or liquidation of the affairs of Maker, and the
       continuance of any such decree or order unstayed and in effect for a
       period of 60 consecutive days.

<PAGE>

5)     REMEDIES.

       a)     Upon the occurrence of an Event of Default specified in Section
       4(a), Payee may, by written notice to Maker, declare this Note to be due
       and payable, whereupon the principal amount of this Note, and all other
       amounts payable thereunder, shall become immediately due and payable
       without presentment, demand, protest or other notice of any kind, all of
       which are hereby expressly waived, anything contained herein or in the
       documents evidencing the same to the contrary notwithstanding.

       b)     Upon the  occurrence of an Event of Default  specified in Sections
       4(b) and 4(c),  the  unpaid  principal  balance  of,  and all other  sums
       payable  with regard to, this Note shall  automatically  and  immediately
       become due and  payable,  in all cases  without any action on the part of
       Payee.

6)     WAIVERS. Maker and all endorsers and guarantors of, and sureties for,
this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and
imperfections in any proceedings instituted by Payee under the terms of this
Note, and all benefits that might accrue to Maker by virtue of any present or
future laws exempting any property, real or personal, or any part of the
proceeds arising from any sale of any such property, from attachment, levy or
sale under execution, or providing for any stay of execution, exemption from
civil process, or extension of time for payment; and Maker agrees that any real
estate that may be levied upon pursuant to a judgment obtained by virtue hereof,
on any writ of execution issued hereon, may be sold upon any such writ in whole
or in part in any order desired by Payee.

7)     UNCONDITIONAL LIABILITY. Maker hereby waives all notices in connection
with the delivery, acceptance, performance, default, or enforcement of the
payment of this Note, and agrees that its liability shall be unconditional,
without regard to the liability of any other party, and shall not be affected in
any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by Payee, and consents to any and all extensions of
time, renewals, waivers, or modifications that may be granted by Payee with
respect to the payment or other provisions of this Note, and agrees that
additional makers, endorsers, guarantors, or sureties may become parties hereto
without notice to them or affecting their liability hereunder.

8)     NOTICES. Any notice called for hereunder shall be deemed properly given
if (i) sent by certified mail, return receipt requested, (ii) personally
delivered, (iii) dispatched by any form of private or governmental express mail
or delivery service providing receipted delivery, (iv) sent by telefacsimile or
(v) sent by e-mail, to the following addresses or to such other address as
either party may designate by notice in accordance with this Section:

       If to Maker:

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

                                       2
<PAGE>

       If to Payee:

       Herbert A. Granath
       244 Long Neck Point Road
       Darien, CT 06820

9)     Notice shall be deemed given on the earlier of (i) actual receipt by the
receiving party, (ii) the date shown on a telefacsimile transmission
confirmation, (iii) the date on which an e-mail transmission was received by the
receiving party's on-line access provider (iv) the date reflected on a signed
delivery receipt, or (vi) two (2) Business Days following tender of delivery or
dispatch by express mail or delivery service.

10)    CONSTRUCTION. This Note shall be construed and enforced in accordance
with the domestic, internal law, but not the law of conflict of laws, of the
State of Texas.

11)    SEVERABILITY. Any provision contained in this Note which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

       IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has
caused this Note to be duly executed by its Chief Operating Officer the day and
year first above written.

                                        MEDIA & ENTERTAINMENT HOLDINGS, INC.

                                        By: /s/ Harvey M. Seslowsky
                                        Name:   Harvey M. Seslowsky
                                        Title:  Chief Operating Officer

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