You don't really need a macro for this. A simple Find/Replace can do it.
1. Specify the find font attributes as not bold, not underlined and the replacement string as ^p.
2. Next, specify the find font attributes as bold, not underlined and the replacement string as nothing.
3. Next, specify the find font attributes as not bold, underlined and the replacement string as nothing.
4. Finally, save as a new document.

If you really want a macro you could do all the above with the macro recorder running.

__________________
Cheers,
Paul Edstein
[Fmr MS MVP - Word]