AVR-Chat

I have been able to generate output from the USART on the Butterfly but my PC
(Dell Inspiron 8100) doesn't see it.

On my scope I can see that data is being generated ("X"s at 100ms intervals) but
I get nothing when I bring up HyperTerminal.  I've tested the HyperTerminal
connection and it is working.  On the scope I can see the start bit, data and
stop bit.  I'm using 38,400 baud, 8 bit, no parity, 1 stop bit.

The only thing I can think of is that the signal does not have enough swing
above and below zero.  My scope shows Mark as about -2.75v and Space as about
+2.25v.

I have checked the Butterfly schematic and it does not use a MAX level shifter,
it is apparently using the "RX" data line to generate the necessary negative
voltage (onto a capacitor) for the TX line.  The Butterfly Vcc appears to be
2.64v.

The Butterfly is mounted on an ECROS Butterfly Carrier board which is supplying
power (via a 4.5v wall wart) and RS-232 connector.

Can anyone tell me where I'm going wrong?

Has anyone successfully transmitted RS-232 data from a Butterfly?  

BTW: The demo program only uses receive data, it does not transmit.