here are logs snippets i think are responsible, from both builds, with and without USE_LIBTOOL:
this is the same: cp /usr/ports/pobj/context-minimal-20090817/pdftex-1.40.9/src/texk/web2c/pdftexdir/ttf2afm.c . cp /usr/ports/pobj/context-minimal-20090817/pdftex-1.40.9/src/texk/web2c/pdftexdir/macnames.c . cc -DHAVE_CONFIG_H -I. -I/usr/ports/pobj/context-minimal-20090817/pdftex-1.40.9/src/texk/web2c -I.. -I/usr/ports/pobj/context-minimal-20090817/pdftex-1.40.9/src/texk/web2c/.. -I/usr/local/include -I/usr/local/include/libpng -I../../libs/obsdcompat -I../../libs/obsdcompat/.. -I/usr/ports/pobj/context-minimal-20090817/pdftex-1.40.9/src/texk/web2c/../../libs/obsdcompat -I/usr/ports/pobj/context-minimal-20090817/pdftex-1.40.9/src/texk/web2c/../../libs/obsdcompat/.. -I/usr/ports/pobj/context-minimal-20090817/pdftex-1.40.9/src/texk/web2c/../../libs/zlib -O2 -pipe -c ttf2afm.c -o ttf2afm.o without: /bin/sh ../libtool --mode=link cc -o ttf2afm -L/usr/local/lib ttf2afm.o ../kpathsea/libkpathsea.la cc -o ttf2afm ttf2afm.o -L/usr/local/lib ../kpathsea/.libs/libkpathsea.a with: /usr/local/bin/libtool --mode=link cc -o ttf2afm -L/usr/local/lib ttf2afm.o ../kpathsea/libkpathsea.la cc -o .libs/ttf2afm ttf2afm.o -L/usr/local/lib -L../kpathsea/.libs -lkpathsea -Wl,-rpath,/usr/local/lib/i386-unknown-openbsd4.6 any help is more than welcome. -f -- prayers are always answered. the answer is usually no.