puzzled by echo behaviour...

Why do I only get up to Connected in the body ?

It never prints ----- Unsent message follows -----" 

I cannot figure out why.

TO=`formail -zx To:`
:0
{
 
#   :0fh
#   | cat > /dev/console
 
    :0fh
    | formail -rt -I"From: Mail Delivery Subsystem 
<Mailer-Daemon(_at_)elastica(_dot_)com>"
 
    :0fb
    | echo "----- Transcript of session follows -----"; \
      echo "Connected to justine.elastica.com"; \
      echo "----- Unsent message follows -----";
 
    :0fb
    | cat > /dev/console
 
    :0
    ! -oi -t
}

-- 
Art is prostitution of the mind.