I've gone back to Code View and hand coded these things as:
<a href="http://m2media.com/home.html"><img src="http://m2media.com/e-mail_messages/00129-nab_reveal/images/m2_logo.jpg" width="100" height="111" alt=""/></a>
I deleted the old Power Messenger message and started a new one but the test still comes in with all blanks. Any clues?