./libtool: line 1514: cd: ../libiberty/pic: No such file or directory

[Christian Joensson <christian at j-son dot org>]

Fedora Core release Rawhide (Rawhide) ia32 pentium III dual i686:

binutils-2.15.92.0.2-6
bison-1.875c-2
dejagnu-1.4.4-3
expect-5.42.1-2
gcc-3.4.3-7
gcc4-4.0.0-0.14
glibc-2.3.3-89
glibc-headers-2.3.3-89
glibc-kernheaders-2.4-9.1.87
kernel-2.6.9-1.1021_FC4
kernel-smp-2.6.9-1.1021_FC4
tcl-8.4.8-1

LAST_UPDATED: Fri Dec 10 09:33:14 UTC 2004

When I try to build binutils cvs source as of the above date, I get this 
problem:

echo $f > tofiles
/bin/sh /usr/local/src/trunk/src/bfd/../move-if-change tofiles ofiles
touch stamp-ofiles
/bin/sh ./libtool --mode=link gcc4 -W -Wall -Wstrict-prototypes 
-Wmissing-prototypes -g -O2   -o libbfd.la -rpath /usr/local/lib 
-release 2.15.94  archive.lo archures.lo bfd.lo bfdio.lo bfdwin.lo 
cache.lo coffgen.lo corefile.lo format.lo init.lo libbfd.lo opncls.lo 
reloc.lo section.lo syms.lo targets.lo hash.lo linker.lo srec.lo 
binary.lo tekhex.lo ihex.lo stabs.lo stab-syms.lo merge.lo dwarf2.lo 
simple.lo archive64.lo `cat ofiles` -L../libiberty/pic -liberty
./libtool: line 1514: cd: ../libiberty/pic: No such file or directory
libtool: link: cannot determine absolute directory name of 
`../libiberty/pic'
make[3]: *** [libbfd.la] Error 1
make[3]: Leaving directory `/usr/local/src/trunk/objdir-binutils32/bfd'
make[2]: *** [all-recursive] Error 1
make[2]: Leaving directory `/usr/local/src/trunk/objdir-binutils32/bfd'
make[1]: *** [all] Error 2
make[1]: Leaving directory `/usr/local/src/trunk/objdir-binutils32/bfd'
make: *** [all-bfd] Error 2

Anyone else seen this?

Cheers,

/ChJ