Greetings:

[dlphilp@localhost csound5]$ make
source='Engine/auxfd.c' object='libcsound_la-auxfd.lo' libtool=yes \
depfile='.deps/libcsound_la-auxfd.Plo' 
tmpdepfile='.deps/libcsound_la-auxfd.TPlo' \
depmode=gcc3 /bin/sh ./depcomp \
/bin/sh ./libtool --mode=compile gcc -DHAVE_CONFIG_H -I. -I. -I./H   
-DBETA -I./H -I/usr/local/include -I/usr/local/boost -falign-loops=4 
-falign-jumps=4 -Wall -falign-loops=4 -falign-jumps=4 -ffast-math 
-fomit-frame-pointer -finline-functions -funroll-loops -DWITHx87 -O2 -g 
-Wall -O2 -g -Wall -c -o libcsound_la-auxfd.lo `test -f 'Engine/auxfd.c' 
|| echo './'`Engine/auxfd.c
./libtool: ./libtool: No such file or directory
make: *** [libcsound_la-auxfd.lo] Error 127

[dlphilp@localhost csound5]$ whereis libtool
libtool: /usr/bin/libtool /usr/share/libtool


  But of course libtool won't run because the script expects to find it 
in the starting directory, i.e., './libtool' should just be 'libtool'.

Best,

dp