Help with # in variables and targets

[PATTON, BILLY \(SBCSI\)]

I have this list:
real_refresh+ldb+infgn+pub :=
/home/pvcs/pvcs_arch/infgn/pub/ac_error.msv\# 

Then I have a rule that's get created through

define refresh_proj_bb_sub_mangled
$(1)+$(2)+$(3)+$(4)+$(5) :
endef
#       @if [ $(4) = extra ] ; then \
#          $(CD) $(SRC_TREE)/$(2)/$(3) || exit $? ; \
#        else \
#          $(CD) $(SRC_TREE)/$(2)/$(3)/$(4) || exit $? ;\
#        fi ; \
#        $(EXEC_LOG) -proj $(2) -bb $(3) $(PVCS_GET) -v$(3)$(PVCS_VER)
$(5) || exit $? ; \
#        name=`$(UMPVCS) $(5)` || exit $? ; \
#        $(TOUCH) $$$$name || exit $?
$(foreach flow,refresh real_refresh,\
  $(foreach sub,pub shr extra,\
    $(foreach proj,$(PROJECTS),\
      $(foreach bb,$(bb+$(proj)),\
        $(foreach mang,$($(flow)+$(proj)+$(bb)+$(sub)), \
          $(warning $(call
refresh_proj_bb_sub_mangled,$(flow),$(proj),$(bb),$(sub),$(mang))))))))

The warning is showing what is happening when the eval gets finished:
make.refresh:83:
real_refresh+ldb+infgn+pub+/home/pvcs/pvcs_arch/infgn/pub/ac_error.msv#
:

The \ from the \# has disappeared.

Will I need to do :
$(substr \#,\\\#,$(whatever))