Motorola Atrix Android 2.3.X Corporate Email Account Already Added or Exists
I am answering my own question.

The original email configuration still exists on the phone, but it cannot be accessed via the "Email" app. Accessing the "Email" app will just prompt you to add the account again (along with other account types like facebook, twitter; then it denies you stating that it already exists). Instead click on the "Messaging" app and then you will see the "disappearing" email account in addition to "Universal Account" and "Text Messaging". Select the original account and edit the account properties. On the account properties page you can "Remove Account". By removing the account you can then go and add it again successfully.

I have heard that others are doing a hard reset which is not necessary.