Email gurus: What the heck is this?

[what4]

The =20 looks like a representation of the hex code for a space. You sometimes find it in URLs as %20.

It could be that the sender is using one method of character encoding and the receiver is using another.

Or the text could have been copied and pasted -- though that would not account for the headers.

Check the character encoding settings. Try a couple of the options. Just remember where you started, so you can get back to it.