Close Windows Live Mail.

In the registry under

Computer \ HKEY_CURRENT_USER \ SOFTWARE \ Microsoft \ Windows Live Mail

Create these 3 DWORD entries (were not available for me) or change to 1 if they exist

RecreateFolderIndex = 1
RecreateStreamIndex = 1
RecreateUIDLIndex = 1

Restart Windows Live Mail. Then the message display goes back to normal for me and the 3 values in the registry are reset to 0. Can be left as it is.

For the instance used to test this fix, the account display in WLM with multiple accounts was corrupted after Windows Update 2004.

That is also fixed.