The answer that solved the problem for me can be found here:

http://community.pmail.com/forums/26018/ShowThread.aspx#26018

Hi!

I have just installed the newest Pegasus Mail (w32) on an Acer netbook with Windows 7 Starter, and Pegasus created a mail-directory alongside the program-dir. Then I copied all mails and settings from the old PC to the new machine, using the information in http://www.pmail.com/faqs/faqs_wsi.htm . Then I tried to move all mails and settings to a directory under C:\Users\[me]\ , using Tools (menu) -> Options -> General setup -> Mailbox location, so I entered the new Path (C:\Users\[me]\E-MAILS), checked "Move mailbox contents to new location" and clicked on "Change now". But after Pegasus had restarted, I discovered that PMAIL.INI and all the mail in the "New mail"-folder (*.CNM) had been left behind.

What is wrong?

When I moved my mails on the old machine, many years ago, the MAIL-directory itself was moved, and not only a mailbox.

I  hope someone can shed some light on these things. Thank you.

> Hi!
> I have just installed the newest Pegasus Mail (w32) on an Acer netbook with Windows 7 Starter, and Pegasus created a mail-directory alongside
> the program-dir. Then I copied all mails and settings from the old PC to the new machine, using the information in
> http://www.pmail.com/faqs/faqs_wsi.htm . Then I tried to move all mails and settings to a directory under C:\Users\[me]\ , using Tools
> (menu) -> Options -> General setup -> Mailbox location, so I entered the new Path (C:\Users\[me]\E-MAILS), checked "Move mailbox contents
> to new location" and clicked on "Change now". But after Pegasus had restarted, I discovered that PMAIL.INI and all the mail in the "New
> mail"-folder (*.CNM) had been left behind.
>
> What is wrong?
> When I moved my mails on the old machine, many years ago, the MAIL-directory itself was moved, and not only a mailbox. I  hope
> someone can shed some light on these things. Thank you.

The move mailbox does just that, moves the home mailbox directory, not the new mail directory.  I'm not sure what you did before but this function never moved both the home and new mail directory.

From the Help:
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 Home mailbox location

    See also:    Preferences overview

Your home mailbox is where all your mail folders , distribution lists , address books  and other Pegasus Mail related files except unread new mail are stored. By default, it is located in a special directory on the file server, but you can specify an alternative location for it using this option.

Important note: even if you move your home mailbox location, your new mail will continue to arrive in the default new mail directory: Pegasus Mail will also continue to store your PMAIL.INI settings file in that directory. This is important for the continued correct operation of the program and is neither an error nor an oversight. You cannot relocate your new mail folder using this option.

You may want to change your home mailbox location if you have limited space on the file server, if you are concerned about the privacy of your mail, or for other reasons. You can also have more than one mailbox and change between them using this dialog -you might want to do this if you received mail at your address for more than one person or organization.

To change your home mailbox location, type in the new path in either DOS or UNC format. If you want to change the location but leave all your mail files where they are, make sure that the move mailbox contents to new location button is not checked (this is how you would implement more than one mailbox as described above). If you have moved your home mailbox but want to revert to the original location on the file server, press the Use default button.

If you have chosen to move the contents of your home mailbox, when you click the Change now button, Pegasus Mail will shut down and run the mailbox maintenance utility, which is responsible for actually moving the files from directory to directory. When the process is complete, Pegasus Mail will automatically restart using the new setting.

Clicking the OK or Apply buttons without clicking Change now will leave your mailbox location unchanged.

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If you want to move the home and new mail directory you must use pconfig.exe from the program directory to reset the location of the new mail directory. 

[quote user="Thomas R. Stephenson"]> If you want to move the home and new mail directory you must use pconfig.exe from the program directory to reset the location of the new mail directory.  [/quote]

Hi

Thank you for your answer. It would have been enough to just include the line above, since the rest is what I already knew... :-)