Weird parsing in libtool

[Fred Cox]

address@hidden email]$ /bin/sh ../libtool --mode=link c++ -g  -o 
libremote.la -rpath /tmp/fred/pstn/lib  remote.lo genPWD.lo 
stringutil.lo simhash.lo IPRange.lo -L../common -lPSTNcommon -lPSTNbind9 
-lConnSpec -lffd  -lresolv  -lstdc++ -lmib2 -lmissing -lm
grep: /home/fred/src/panther_nspr/pstn/bind9/libmissing.la: No such file 
or directory
/bin/sed: can't read 
/home/fred/src/panther_nspr/pstn/bind9/libmissing.la: No such file or 
directory
libtool: link: `/home/fred/src/panther_nspr/pstn/bind9/libmissing.la' is 
not a valid libtool archive
address@hidden email]$ ../libtool --version
ltmain.sh (GNU libtool) 1.4.3 (1.922.2.110 2002/10/23 01:39:54)

The -L flag is pointing to home/fred/src/panther_nspr/pstn/common, not 
home/fred/src/panther_nspr/pstn/bind9.

bind9 doesn't even exist as a token in the command line.

Any ideas on what's going on here?

Thanks,

Fred Cox