Roger, that is true if the loads are equal. but chances are with four circuits the loads are not going to be the same. say you have a 1000w appliance on one leg and a 100w on another leg. if the nuetral is lost that 1000w is going have to low a voltage and the 100w is going to have to high a voltage. your right, neither would see 240 volts, but neither would have the correct voltage either.
