[IronPython] Using PYC in IP 2.6

[dippim]

I'm new to IronPython and I think I may have something fouled up.  I
wrote a very small windows forms app and tried compiling it to winexe
using pyc.py as follows:

C:\Program Files\IronPython 2.6\Samples\pyc>ipy pyc.py /main:test.py /
target:winexe

The compile works fine and I can execute the resulting test.exe fine
UNLESS I remove the original test.py file from the directory the
test.exe file is being executed from.  If I remove the test.py file,
the program crashes.  If I put it back, then everything is fine
again.
This can't be by design?  What have I screwed up?

Thanks,
David