emthumb.module,v 1.7.2.36
File system is set to Private. File system path is set to "../files" (outside of Drupal root but writable by Drupal).
The file path that is generated from the emthumb module for custom thumbnails is "/../files/myimage.jpg" instead of "system/files/myimage.jpg"
Not sure where the error is, but other modules are using the core "file_create_path" function correctly.
Any leads are greatly appreciated. - Thx.