Default values not picked up from Event Manager Settings

Issue Summary

2 fields are not being populated with the default values:

- Send confirmation email from:
- Send cancellation email from:

If the default value fields are blank, it correctly populates the event's fields with the event creator's email.
But if the default value fields contain an email address, and a new event is created, the event's fields are blank.

Any pointers or advice are welcome.

Thanks in advance.