Parameters tcOpenFile, tcFileName
Local lcFileName, lnHandle, lnOHandle, lcFileIn, lnI

lcFileIn = ""
lnI 	 = 1

*** Open File for reading 
lnOHandle = FOpen( tcOpenFile )

*** Make sure that there is no file with soma name as second parameter
If File( tcFileName )
   Erase ( tcFileName )
Endif

*** Create a new file with name passd by second parameter
lnHandle = Fcreate( tcFileName )

*** Start reading first file and read it until not EOF
Do While Not FEof( lnOHandle )
   *** Read one line (to CR)
   lcFileIn = lcFileIn + FGets( lnOHandle)

   If !Empty(lcFileIn)
      *** Skip CR char
      lcFileIn = Left(lcFileIn, Len(lcFileIn) - 1 )
   Endif
   *** If you read 2 lines from First file
   If lnI % 2 = 0
      *** Truncate the line to be 151 chars if there are more
      If Len(lcFileIn) > 152
         lcFileIn = Left(lcFileIn, 151) + Chr(13)
      Endif

      *** Wrire to newly create file
      =Fwrite( lnHandle, lcFileIn )
      lcFileIn = ""
   Endif
   lnI = lnI + 1
Enddo
=FClose( lnOHandle )
=FClose( lnHandle )

I didn't find any sense in this code. Why you want (when I say you I mean that guy wrote this code) to loose data?
Also what happens with CHR(10) (if any)? But maybe someone else could explain better.