$ cat sub
for file
do
 echo $file
 mv $file $$.subhld
 sed 's/BGCOLOR=navy/background="squame.jpg"/g
      s/BGCOLOR="#040684"/background="squame.jpg"/g
      s/bgcolor="#040684"/background="squame.jpg"/g
      s/bgcolor=navy/background="squame.jpg"/g' $$.subhld > $file
done
rm $$.subhld