Hm. Well it begins with this:

I had 3 savegame files on the BIOS memory card w/e.
I originally beat Elmdor forgetting about his Genji equipment in act 4 at Limberry castle. So i decided the 2nd best armor in the game was well wortht he trouble of getting. I leveled and buffed up my guys, as well as unlocked Beowulf for his Oracle-like sword abilities, for a total of about 5 hours. I decided it was time for a break and started a new game of resident evil 2 (Classic, i know). Shortly after becoming bored with the game (after playing 4 it wasn't really fun anymore - minus the storyline) I loaded up my ePSXe and went to Continue.
Now, i was in shock as my game reverted back on the memory card after i saved at the trade city before Limberry(incase my team wasnt up to the task yet), and after fighting the assassins outside the castle... It totally reverted back to my old saves, acting as if i had never spent the extra 5 hours doing all the above, and saving multiple times to each block.

My question would be:
1) Has this ever happened to anyone else? Losing game data or it being reverted back-in-time?
2)If so, is there a possible way to recover lost data? I'm going to guess that's a no, but it can't hurt to ask.
And just posting this as a heads up, incase anyone wanted to make backups of their save game files.
Toodles~