you're opening a can of worms here . . . legacy code is the short answer!
user input is saved from a multi-line textbox to a db.
To display the text, carrige returns are handled by this:
recently code has been added to allow hyperlinks to be inputed by users, using custom tags handled by another reg expresion. If a typed link is longer than the multi-line textbox width, it will wrap and thanks to the above reg expresion will contain a <b> which breaks the link.
now you know . . .