You could look at using Monarch Utility (or similar) to eliminate the line feeds (and the 88s) and make a siongle line.
Or you could trap on the 16 and use a complete line multiline field to trap all line until the next 16 line. Then slice and dice the line OR export it as a report or file with a single line for each record and then run a new model against that. (basically an alternative way of doing the Utility work.)
Just a couple of ideas to mull over.
I seem to recall that there was a similar question a few months ago but I'm not sure what search terms I could use to find it quickly. Also my memory could be faulty!
I'm making some assumptions about what you said re the records always starting with "16" and will not be indented - the main assumption being that not other line would also start with 16 ...
Single line sample and trap on the 16 in the first 2 characters.
Pain a single field for the entire width of the report.
Right click to go to the field's properties, take the Advanced Tab and then set the 'End field on' value to 'None of the above'.
The field will need to be a Character type and if you get more than 3 lines at any time may need to be a MEMO field to avoid max character limits.
Once you get to that point are you OK with the slice and dice activity that will follow?