This happens on MS excel 2003. It was fine until the today when a file was
opened almost all of the text was missing from the file. All the rest of the
cell formatting is intact (background colour, size, etc.). I installed Excel
97 in a separate folder just as an experiment, and the same thing happens.
When you disable text wrap, it all comes up ok. The text wrap needs to be
enabled. The OS is Win2k SP4, and no recent software installations have taken
place, besides the excel 97.