This seem to be the only folder. Tried V5 and 4.6.9 on 2 machines. This folder contains a high school basketball game. This is the first time I tried code substitution. I put the number without the "\" in the caption field. Then custom sorted on the caption to bring the players together. Then applied a stationary pad that had \{caption}\ in the caption field. That worked on one image, but not when all images were selected. I think that somehow this operation corrupted the files. After making a copy of the folder, I deleted the sidecars and tried PM again. Same problem.
I imported the folder into Lightroom 4 and exported all to jpegs to a new folder. Then tried PM on just the jpegs. Still have the problem.
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