When a folder gets deleted, its contents should go to the Trash/Deleted messages folder. You should be able to retrieve them from there. If you emptied the trash, there is still a way to recover that by going to http://www.hotmail.com
When you sign into Hotmail and go to the "Deleted" folder, there is a link for recovering e-mail. It does not guarantee 100% recovery, but it is worth a try, noting that the messages are very important.
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