--- imagecache.module.original	2008-06-19 21:21:42.000000000 -0300
+++ imagecache.module	2008-09-24 13:17:41.000000000 -0300
@@ -538,6 +538,11 @@ function imagecache_field_formatter($fie
     $item = array_merge($item,  _imagefield_file_load($item['fid']));
   }
 
+  // If there is no filepath at this point, do nothing.
+  if (empty($item['filepath'])) {
+    return;
+  }
+
   $parts =  explode('_', $formatter);
   $style = array_pop($parts);
   $presetname = implode('_', $parts);