make --debug=basic reports prerequisites do not exist but they do

[Mark Galeck (CW)]

Hello,  I am getting target updates which should not be happening, as the 
target exists and is newer than all the prerequisites.  On the first line of 
the recipe I put

ls -l $^

and here is what I see:

>make u-boot-bms
(...)
Prerequisite `lib/libbmsgeneric.a' of target `u-boot-bms' does not exist.
Must remake target `u-boot-bms'.
(...)
ls -l lib/libbmsgeneric.a
-rw-r--r-- 1 mgaleck sw-team 93856 May 11 22:21 lib/libbmsgeneric.a



How can this be??

Mark