Intrigued by the "hidden prefs" mentioned by Karsten Liere, I double- clicked on PowerMail's User Prefs file (foolishly expecting it to open in ResEdit), and PowerMail proceeded to delete my entire message database without warning. More precisely: it deleted all the messages and folders in the database - at high speed.
I recovered it from a backup, so I haven't lost much - but this seems like a serious bug. Jeremy

