I have a file I've already partially pruned with grep that has data like:

<a href="MasterDetailResults.asp?textfield=a&Application=3D Home Architect 4">3D Home Architect 4</a> </td>
Approved </td>
--
<a href="MasterDetailResults.asp?textfield=a&Application=3d Home Architect 6">3d Home Architect 6</a> </td>
Not Approved </td>
--
<a href="MasterDetailResults.asp?textfield=a&Application=A to Zap">A to Zap</a> </td>
Approved </td>
--

except much, much more of it ;-)

I want to get the application name (i.e. 3D Home Architect 4) and the status (i.e. Approved or Not Approved) and turn it into this:

3D Home Architect 4|Approved
3d Home Architect 6|Not Approved
A to Zap|Approved
etc.

for use as a searchable database or import into Excel

I want to use bash scripting with sed or gawk to do this in the smallest number of lines (number of lines is not critical, of course ;-)

Thanks in advance for your help.