Yep, you are right. I meant to pose a question rather than a solution, so ignore my original "fix." I think the fix for this is the following.
On line 1225 of inc_func_common.asp in ReplaceImageTags function
for counter2 = 0 to Ubound(strArray)
if (Instr(1, strArray(counter2), cTag) > 0) then
should be (add the part in red)
for counter2 = 0 to Ubound(strArray)
if (counter2 > 0 And Instr(1, strArray(counter2), cTag) > 0) then
-Francis