This tunrs out to be a bug with m4 which manifests itself on Solaris. See this post to the m4-bug list:
http://lists.gnu.org/archive/html/bug-m4/2004-07/msg00029.html -Vance On Mon, Jul 19, 2004 at 01:25:12PM -0400, Vance Shipley wrote: } } $ aclocal } configure.ac:2: /usr/local/bin/m4: ERROR: Reading inserted file: No such file or directory } autom4te: /usr/local/bin/m4 failed with exit status: 1