This problem is back with new issues. Not even the text appears.
I have not sent anything yet; I've just done tests.
As you can see, the URL looks fine: http://m2media.com/em/00128-01/em.html
When I do a Power Messenger preview, everything is fine, too.
We see bunches of HTML graphic e-mail come through here all day long so it's not a mail app issue.
The source code is in 146 lines so bunched up code isn't an issue either.