I have seen this before. What do you have in your gateways and local domains entries in the Mail Server Config file?
I'll post my config file - but I've tried a number of different settings - it might be more bonehead than it was originally as I got frustrated and tried anything I could think of...
My IP is c586946-a.plstn1.sfba.home.com. (24.1.82.44), my router is 24.1.82.1, and my SMTP server is 'mail' (I'm on a cable modem, believe it or not 'mail' gets resolved correctly...)
StWd 311 234 623 564 1 0 0 orgn Test BBS Char 5 defg Internet Mail p3dm c586946-a.plstn1.sfba.home.com. Ldom c586946-a.plstn1.sfba.home.com. smtp Internet Mail mail 1