Whoops, that script won't make much sense, since the carriage returns
(ascii or utf 015) got turned into newlines (ascii or utf 012).  If
you replace each ~ with a carriage return, the script should look like
this:

tcs -f msdos <$file |[3=1] sam -d /fd/3 <<'!' >[2]/dev/null
,x/~+$/ d
,x/~+/ x/~/ c/\n/
w /fd/1
!