Weird error: "(/usr/bin/formail: (/usr/bin/formail: No such file or dire

Hi. This error shows in the (verbose) logs of procmail. formail is in 
/usr/bin with permissions 0755, and the snippet that calls it is:

| (${FORMAIL} -rI"Precedence: junk" \
     -A"X-Loop: my(_at_)email(_dot_)com " ; \
  echo "Your mail has been received"; \
) | $SENDMAIL -oi -t

$FORMAIL has been defined before with:

FORMAIL=/usr/bin/formail

So, where's my goof?  :)
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