Thanks, I'll take a look at security settings. I've seen the same stripping using Outlook and Outlook Express. I've looked at creating a stationery. Works like a champ on a single fax in word or O or OE. I've looked at creating a theme. No way to create a new theme.
I can not believe for a minute that it can't be done. I get too much junk email everyday with intense graphics and merged data.
Thanks for the help. I'll keep poking around.