bash fails to expand !$ on command line containing dquoted squote

[nick]

Configuration Information [Automatically generated, do not change]:
Machine: i386
OS: linux-gnu
Compiler: gcc
Compilation CFLAGS:  -DPROGRAM='bash' -DCONF_HOSTTYPE='i386' 
-DCONF_OSTYPE='linux-gnu' -DCONF_MACHTYPE='i386-pc-linux-gnu' 
-DCONF_VENDOR='pc' -DSHELL -DHAVE_CONFIG_H   -I.  
-I/home/doko/packages/bash/bash-2.05a 
-I/home/doko/packages/bash/bash-2.05a/include 
-I/home/doko/packages/bash/bash-2.05a/lib -g -O2
uname output: Linux xenu.tull.net 2.4.17 #1 Sat Jan 5 23:31:29 EST 2002 i586 
unknown
Machine Type: i386-pc-linux-gnu

Bash Version: 2.05a
Patch Level: 0
Release Status: release

Description:
        Normally, typing "!$" in a command line causes bash to replace the
        two-character sequence with the last word of the previous command.

        However when bash parses a command line containing a double-quoted
        string which contains a single quote, it fails to expand.

Repeat-By:
        echo www.nick-andrew.net
        echo "I like" !$
        echo "I really like" !$
        echo "Who doesn't like" !$
        echo 'Oops!'