Simple Search and Replace - Revisited

I have a ascii file with lines like this:
240|^M\ ^M\^M\ Old Port Marketing order recd $62,664.- to ship 6/22/99^M\

when this record gets loaded into my database, the \ is stored literally and so the user sees carriage return \ (hex 0D 5C) when what i need is carriage return line feed (hex 0D 0A).

any ideas on how i can accomplish this with sed?

P. S. awhile back, Perderabo wrote this sed script for me

#! /usr/bin/sed -nf
#
#
s/^M\\$/^M\\/
H
t
x
s/\n//g
p
s/.*//
h

which altered a files like this:

240|^M\
^M\
^M\
Old Port Marketing order recd $62,664.- to ship 6/22/99^M\

to look like this:

240|^M\ ^M\^M\ Old Port Marketing order recd $62,664.- to ship 6/22/99^M\

How about just reversing what his script did then? If the only time a backslash character shows up is right after a carriage return character, try:

sed 's/\\/\n/g' yourFile > anotherFile