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JavaScript (ES6), (削除) 172 (削除ここまで) (削除) 169 (削除ここまで) (削除) 157 (削除ここまで) 150 bytes

Saved 10 bytes thanks to @Neil

x=>x.match(/[\w'*]+|\s+/g).map(y=>y[0]==" "?y[1]:y==`
`?". ":/\*/.test(y,l+=y.match(/\w/g).length)?(l=l%2*10+19,""):l.toS‌​tring(36,l=9),l=9).join``+"."

Can probably be further improved. Outputs in all lowercase.