case-sensitive ignore strings

I'm monitoring a machine which is unfortunately named "panic" and I can't seem to get the LOG settings right to flag "PANIC", but not "panic" for that host. Here's the host-specific section in hobbit-clients.cfg:

HOST=panic,panic.example.com LOG %.* %(?-i)PANIC IGNORE=%panic LOG %.* %(FATAL|ECC) COLOR=red

and here's the default section (for all other machines):

DEFAULT LOG %.* %(FATAL|PANIC|ECC) COLOR=red

Any ideas why "panic" is still matching?

Thanks, Matt