Issue with run.exe and PWD with spaces since last update (Cygwin 1.7.21)

Tue Jul 16 17:39:00 GMT 2013

Greetings, All!
I'm trying to execute a script that was working fine until recent update.
It doesn't crash, just, for some reason, trim the last component of a path.
In a nutshell, the issue is this:
$ mkdir "/a b"
$ cd "/a b"
$ ls -l "$SYSTEMROOT/System32/notepad.exe"
(just to confirm that the file actually exists)
$ run "$SYSTEMROOT/System32/notepad.exe"
Error pops up:
---------------------------
Run.exe
---------------------------
Error: could not start C:\Programs\CygWin\a b
---------------------------
OK
---------------------------
$ cygcheck.exe -v run
Found: C:\Programs\CygWin\bin\run.exe
Found: C:\Programs\CygWin\bin\run.exe
C:\Programs\CygWin\bin\run.exe - os=4.0 img=1.0 sys=4.0
 C:\Programs\CygWin\bin\cygwin1.dll - os=4.0 img=1.0 sys=4.0
 "cygwin1.dll" v0.0 ts=2013年07月15日 11:17
 C:\WINDOWS\system32\KERNEL32.dll - os=5.1 img=5.1 sys=4.0
 "KERNEL32.dll" v0.0 ts=2009年03月21日 12:36
 C:\WINDOWS\system32\ntdll.dll - os=5.1 img=5.1 sys=4.10
 "ntdll.dll" v0.0 ts=2010年12月09日 13:38
 C:\WINDOWS\system32\ntdll.dll (already done)
 C:\WINDOWS\system32\KERNEL32.dll (already done)
 C:\WINDOWS\system32\SHELL32.DLL - os=5.1 img=5.1 sys=4.10
 "SHELL32.dll" v0.0 ts=2012年06月08日 14:41
 C:\WINDOWS\system32\ADVAPI32.dll - os=5.1 img=5.1 sys=4.0
 "ADVAPI32.dll" v0.0 ts=2009年02月06日 11:02
 C:\WINDOWS\system32\KERNEL32.dll (already done)
 C:\WINDOWS\system32\ntdll.dll (already done)
 C:\WINDOWS\system32\RPCRT4.dll - os=5.1 img=5.1 sys=4.10
 "RPCRT4.dll" v0.0 ts=2010年08月13日 14:32
 C:\WINDOWS\system32\ADVAPI32.dll (recursive)
 C:\WINDOWS\system32\KERNEL32.dll (already done)
 C:\WINDOWS\system32\ntdll.dll (already done)
 C:\WINDOWS\system32\Secur32.dll - os=5.1 img=5.1 sys=4.0
 "Secur32.dll" v0.0 ts=2009年06月24日 13:10
 C:\WINDOWS\system32\ADVAPI32.dll (recursive)
 C:\WINDOWS\system32\KERNEL32.dll (already done)
 C:\WINDOWS\system32\ntdll.dll (already done)
 C:\WINDOWS\system32\GDI32.dll - os=5.1 img=5.1 sys=4.10
 "GDI32.dll" v0.0 ts=2008年10月22日 17:52
 C:\WINDOWS\system32\KERNEL32.dll (already done)
 C:\WINDOWS\system32\ntdll.dll (already done)
 C:\WINDOWS\system32\USER32.dll - os=5.1 img=5.1 sys=4.0
 "USER32.dll" v0.0 ts=2008年04月13日 20:22
 C:\WINDOWS\system32\GDI32.dll (recursive)
 C:\WINDOWS\system32\KERNEL32.dll (already done)
 C:\WINDOWS\system32\ntdll.dll (already done)
 C:\WINDOWS\system32\KERNEL32.dll (already done)
 C:\WINDOWS\system32\msvcrt.dll - os=5.1 img=5.1 sys=4.0
 "msvcrt.dll" v0.0 ts=2008年04月13日 17:41
 C:\WINDOWS\system32\KERNEL32.dll (already done)
 C:\WINDOWS\system32\ntdll.dll (already done)
 C:\WINDOWS\system32\ntdll.dll (already done)
 C:\WINDOWS\system32\RPCRT4.dll (already done)
 C:\WINDOWS\system32\SHLWAPI.dll - os=5.1 img=5.1 sys=4.0
 "SHLWAPI.dll" v0.0 ts=2009年12月07日 13:39
 C:\WINDOWS\system32\ADVAPI32.dll (already done)
 C:\WINDOWS\system32\GDI32.dll (already done)
 C:\WINDOWS\system32\KERNEL32.dll (already done)
 C:\WINDOWS\system32\msvcrt.dll (already done)
 C:\WINDOWS\system32\USER32.dll (already done)
 C:\WINDOWS\system32\USER32.dll (already done)
 C:\WINDOWS\system32\USER32.dll (already done)
$ cygcheck.exe -f /bin/run.exe
run-1.2.0-1
$ cygcheck.exe -c run
Cygwin Package Information
Package Version Status
run 1.2.0-1 OK
-- 
WBR,
Andrey Repin (anrdaemon@freemail.ru) 16.07.2013, <20:12>
Sorry for my terrible english...
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