at line 1 of the admin/contents_insert.php and contents_update.php pages, add the following code:
<?php
if($_SERVER["REQUEST_METHOD"] == "POST") {
foreach($_POST as $key => $val) {
$_POST[$key] = str_replace("•","•",$val);
}
}
?>
this will convert the bullet to the html entity, make sure to edit any content areas that use the bullet to have the content in the db updated.