diff --git a/tren.py b/tren.py
index cd00a2b..5f51cd1 100755
--- a/tren.py
+++ b/tren.py
@@ -8,7 +8,7 @@
 PROGNAME = "tren.py"
 BASENAME = PROGNAME.split(".py")[0]
 PROGENV  = BASENAME.upper()
-RCSID = "$Id: tren.py,v 1.173 2010/03/08 16:41:23 tundra Exp $"
+RCSID = "$Id: tren.py,v 1.174 2010/03/08 19:29:52 tundra Exp $"
 VERSION = RCSID.split()[2]
 
 # Copyright Information
@@ -691,27 +691,40 @@
 
     def __ResolveRenameTokens(self, target, renstring):
 
-        # Find all token delimiters
+        # Find all token delimiters but ignore any that might appear
+        # inside a command execution replacement token string.
 
         rentokens = []
-        td = re.finditer(TOKDELIM, renstring)
-
-        # Build list of begin/end delimiter pairs
-        
         odd = True
-        for i in td:
+        incmdexec = False
 
-            if odd:
-                rentokens.append([i.start()])
+        i=0
+        while i < len(renstring):
 
-            else:
-                rentokens[-1].append(i.start())
+            if renstring[i] == TOKCMDEXEC:
+                incmdexec = not incmdexec
 
-            odd = not odd
-                
+            elif renstring[i] == TOKDELIM:
+
+                if incmdexec:
+                    pass
+
+                elif odd:
+
+                    rentokens.append([i])
+                    odd = not odd
+
+                else:
+
+                    rentokens[-1].append(i)
+                    odd = not odd
+
+
+            i += 1
+
         # There must be an even number of token delimiters
         # or the renaming token is malformed
-        
+
         if rentokens and  len(rentokens[-1]) != 2:
             ErrorMsg(eTOKDELIM % renstring)