This is a very complicated issue..... one not counted for in the import of the old setup.
You had the text effect set to 1 is unmask to reveal the butterfly underneath. Looks cool. However, when we split it, the other text effects were put under the butterfly and the "1 is unmask" wasn't updated to Normal. Thus, nothing really works correctly.
You can fix it by setting the blending to Normal for all the text effects. That should allow the 4 lines of text to blend together. To get the cool color thing, move the butterfly to the TOP layer and set it's blending to "2 is unmask". Thus, layers 2-5 (text effects) will render and blend together into 4 lines of white text. Then the butterfly will apply the color.