Hi,
I did apply that change, i.e. replaced AM_LDFLAGS with slayer_LDADD and moved the definition to the end of the src/Makefile.am. The libtool is right now invoked this way:
/bin/sh ../libtool --tag=CXX --mode=link g++ -D_GNU_SOURCE=1 -Dmain=SDL_main -Ic:/mingw/msys/1.0/include/SDL -Ic:/mingw/msys/1.0/include/guile/2.0 -I/usr/local/include -Ic:/mingw/msys/1.0/include -Wall -Werror -g -O2 -o slayer.exe file.o font.o image.o input.o slayer.o symbols.o video.o -mwindows -Lc:/mingw/msys/1.0/lib -lmingw32 -lSDLmain -lSDL -Lc:/mingw/msys/1.0/lib -lguile-2.0 -lgc -mwindows -Lc:/mingw/msys/1.0/lib -lSDL_image -lmingw32 -lSDLmain -lSDL -lSDL_ttf
(plainly the libraries are given after the .o files) but I still get the same error message.