The corona status of our knowledge of the HR 2142 system is reviewed. The massflow in the system and its long-term behavior are currently being studied using IUE HIRES data obtained between 1979-95 and archival Copernicus observations acquired in the late 1970s. Some recent results are summarized here. The strength and velocity behavior of the infall components to the Si II, IV lines seen during the primary shell phase from φ ~0.70-0.98 resemble that observed in conventional Algol systems. The inferred mass infall rate of ~10^-7 M⊕ yr^-1, however, is too small to account for the massive Hα-emitting disk about the primary. The cause for the mass outflow observed during the secondary shell phase is still unknown. The nature of the secondary star, which remains undetected, is discussed. The small amount of residual flux in the UV that might be attributed to the secondary weakens the assumption that it must be an O subdwarf as in the φ Per system, but further studies are warranted.