Wasn't that the question?
No.
Ok, the question was, in fact, if the piece of code given would translate the old MS-FP format to a Real48 and, if not, what the formula is. IIRC the algorithm was in one of the old Borland manuals/tech-notes; I'll try to find it and post it here.
edit:Found this in the last SWAG (along with the OP's code which is apparently by Trevor Carlson):
{===========================================================================
Date: 10-09-93 (23:23)
From: J.P. Ritchey
Subj: MSBIN to IEEE
---------------------------------------------------------------------------
GE> Does anyone have any code for Converting MSBIN format
GE> numbers into IEEE? }
{$A-,B-,D-,E+,F-,I-,L-,N+,O-,R-,S-,V-}
unit BFLOAT;
(*
MicroSoft Binary Float to IEEE format Conversion
Copyright (c) 1989 J.P. Ritchey
Version 1.0
This software is released to the public domain. Though
tested, there could be some errors. Any reports of bugs
discovered would be appreciated. Send reports to
Pat Ritchey Compuserve ID 72537,2420
*)
Rather than post it in its entire glory, I'm attaching it as a zip.
Remember that this is actual TP code: substitute
Real by
Real48, pack your arrays, convert the asm blocks, etc.
Have fun!