Okie after reviewing the replies to my question, thanks to all of you. I came up with this.

sub chewitup
{
    for($i=0; $i<$array_size; $i++){
          chomp($data[$i]);
            if($data[$i] =~ /Message Type:/){
            @details0=split / /, $data[$i];
            unless($data[$i] eq $blank){
              if($data[$i] =~ /Error Code:/){
                @details2=split / /, $data[$i];
              }
              
              if($data[$i] =~ /Transaction Time:/){
                    @details1=split / /, $data[$i];
              }
              next $i;
            }
              $txname=$details0[2];
              $txtime=$details1[2];
              $errorcode=$details2[2];
              print OUT "$txname\t\t\t$txtime\t\t$errorcode\n";
          }
          
     }
}
[download]

Opinions please...thanks