aclocal and libtool don't get along

[Vance Shipley]

Folks,

It seems that the presence of AC_PROG_LIBTOOL in configure.ac
blows aclocal out of the water.  My previously working files
now fail with current versions of the GNU Autotools.  The
following simple test displays the problem.

In an otherwise empty directory I create a configure.ac with:

        AC_INIT(foo)
        AC_PROG_LIBTOOL 

Now I run aclocal:

$ aclocal
configure.ac:2: /usr/local/bin/m4: ERROR: Reading inserted file: No such file 
or directory
autom4te: /usr/local/bin/m4 failed with exit status: 1


The versions of tools I am using are:

        autoconf-2.59.tar.gz
        automake-1.8.5.tar.gz
        libtool-1.5.6.tar.gz
        m4-1.4.1.tar.gz

Am I doing something wrong or is this just broken right now?

        -Vance