The demo version of Emailchemy will mask the subject and sender field of each email in the output. After downloading the full version, installing it and entering your registration key, you will have to run your conversion again to see the correct subjects and senders in your converted email.
Does emailchemy understand multipart messages?
Using the demo it did not appear to.
If not, what product do you suggest I use instead and where can I find it on the intranet?
Yes, it does. Send me an email describing what you are trying to do and I’ll see if I can help.