Entry in db, flawed path

Hi, very useful module. I had it working on a local machine, but something goes wrong on production. I must have changed something in between, but what?

Drupal 6.14 in subdirectory
FCKeditor 1.3
IMCE 1.3
IMCE image 1.0-beta2
ImageCache 2.0-beta10
ImageAPI 1.6

Drupal in subdirectory; applied patch here: #414484: Image cache does not work when drupal is installed in subdirectory

Installed required modules;
created Imagecache preset;
enabled Teaser Thumbnail on Content Type;
Imagecache is working.

entry is created in Teaser Thumbnail table, but no image is created and the path is flawed:
http://www.example.com/sites/default/files/imagecache//images/example.jpg

what happened?