[uClibc] toolchain build - no: command not found

[fozzie at muppet.mine.nu]

I've tried to build both the gcc-2.95 and the gcc-3.2.3 toolchains
(downloaded from CVS last night) and in both cases, things build 
along merrily until I get to an error in the build.  I get the following 

make[4]: Entering directory
`/root/toolchain/gcc-3.2.3/build_i386/binutils-build/bfd/po'
file=/root/toolchain/gcc-3.2.3/build_i386/binutils-2.14.90.0.5/bfd/po/`echo
fr | sed 's,.*/,,'`.gmo \
  && rm -f $file && PATH=../src:$PATH no -o $file
  /root/toolchain/gcc-3.2.3/build_i386/binutils-2.14.90.0.5/bfd/po/fr.po
  /bin/sh: no: command not found
  make[4]: *** [fr.gmo] Error 127

I've checked the Makefile for that directory and the list of import seem
to be 
GMSGFMT = PATH=../src:$$PATH no
and 
.po.gmo:
        file=$(srcdir)/`echo $* | sed 's,.*/,,'`.gmo \
		    && rm -f $$file && $(GMSGFMT) -o $$file $<
			
Now I've checked my directories, and I don't seem to have a
/root/toolchain/gcc-3.2.3/build_i386/binutils-2.14.90.0.5/bfd/src
directory, which I think would be where the no script is probly located.
I've also checked rpmfind.net and debian.org/packages and neither have
seen such a program.

Can anyone give me a suggestion what I'm missing here?