bitflipper
Many companies outsource their email campaigns to a third party that does not have access to complete customer information. I don't know if CW does this, but would not be surprised if they do.
Sorry is the it third party bit you don't believe or that they'd use a company that does not have access to complete customer info.
If it the former, then I can confirm, Cakewalk do use a third party. It's been part of my discussions with them.