Favorite shortcuts to a web page

[DStone]

I am trying to compose a script in Python that will read the shortcuts
in my IE Favorites folder and compile them in an HTML page, each
folder's shortcuts being nested beneath the layer above.

I have been unable to elucidate how to make my script drill down into
multiple subfolders and properly form a web page.  I can produce an
indented list of folders and their subsequent subfolders, OR I can
make a nice HTML page with one folder's worth of favorites outputted
in list style, BUT I cannot seem to get both done.

Anyone have such a script or can help?

Thanks
-D