I tried three different alternative approaches:
1. Installed KeyView for Lotus (free app). Just copy/paste from KeyView to a blank MS Office Word document.
Worked fine.
2. Printed from KeyView to Adobe PDF virtual printer, then exported to Word document or/and Rich Text Format (rtf).
Worked pretty good, in both formats.
3. Installed QuickView Plus, which openned lwp file and then copy/paste into MS Word blank document. Worked best.
No need for KeyView, although QuickView Plus is 30 days trial/buy software. For casual circumstances, it proved to be the best method for formated text.