That makes so much sense. I thought you might be pulling the e-mails out of the applications manually, and having coded and used a system for processing submissions (to an online fiction magazine), I was wondering how the hell you could stand to do that for 500+ applications. Glad to hear you're keeping yourself sane ;-)
If they do that, then they should specify how to escape literal semicolons so that Robert'); DROP TABLE students;-- doesn't file a discrimination lawsuit.
Or, if they're in a forgiving mood, this will produce one e-mail address per line, regardless of delimited position, (assuming the founders were already on separate lines):
| sed -E 's/^.*[^[:alnum:]\._\-]([[:alnum:]\._\-]+@[[:alnum:]][[:alnum:]\-]+\.[[:alnum:]][[:alnum:]\-\.]*)[^[:alnum:]\-\.].*$/\1/'
| grep -E '^[[:alnum:]\._\-]+@[[:alnum:]][[:alnum:]\-]+\.[[:alnum:]][[:alnum:]\-\.]*$'