ahh THANK YOU, that was driving me nuts
$ ./makefile
CC: =: No such file or directory
CC: g++: No such file or directory
CC: no input files
./makefile: line 5: CYGWIN: command not found
./makefile: line 12: EXPORT_SYMBOLS: command not found
./makefile: line 19: IMC: command not found
./makefile: line 21: W_FLAGS: command not found
./makefile: line 23: W_FLAGS: command not found
./makefile: line 23: SOLARIS_FLAG: command not found
./makefile: line 23: PROF: command not found
./makefile: line 23: EXPORT_SYMBOLS: command not found
./makefile: line 23: C_FLAGS: command not found
./makefile: line 24: PROF: command not found
./makefile: line 24: SOLARIS_LINK: command not found
./makefile: line 24: NEED_DL: command not found
./makefile: line 24: L_FLAGS: command not found
./makefile: line 25: D_FLAGS: command not found
./makefile: line 26: PROF: command not found
./makefile: line 26: SOLARIS_LINK: command not found
./makefile: line 26: D_FLAGS: command not found
./makefile: line 28: C_FILES: command not found
./makefile: line 35: ifdef: command not found
./makefile: line 36: C_FILES: command not found
./makefile: line 36: C_FILES: command not found
./makefile: line 37: C_FLAGS: command not found
./makefile: line 37: C_FLAGS: command not found
./makefile: line 38: endif: command not found
./makefile: line 40: C_FILES: command not found
./makefile: line 40: patsubst: command not found
./makefile: line 40: O_FILES: command not found
./makefile: line 42: wildcard: command not found
./makefile: line 42: H_FILES: command not found
./makefile: line 44: all:: command not found
MAKE: *** No rule to make target `For', needed by `D_FLAGS'. Stop.
./makefile: line 45: -s: command not found
MAKE: *** No rule to make target `For', needed by `D_FLAGS'. Stop.
./makefile: line 46: -s: command not found
./makefile: line 49: -include: command not found
./makefile: line 51: ifdef: command not found
./makefile: line 52: O_FILES: command not found
./makefile: line 52: smaug:: command not found
./makefile: line 54: O_FILES: command not found
CC: no input files
./makefile: line 56: O_FILES: command not found
./makefile: line 56: L_FLAGS: command not found
./makefile: line 56: -o: command not found
./makefile: line 57: @echo: command not found
CC: no input files
./makefile: line 58: C_FLAGS: command not found
./makefile: line 58: C_FILES: command not found
./makefile: line 58: @: command not found
./makefile: line 59: @perl: command not found
./makefile: line 60: @echo: command not found
chmod: cannot access `smaug.exe': No such file or directory
chmod: cannot access `smaug.exe': No such file or directory
./makefile: line 63: O_FILES: command not found
chmod: missing operand after `g+w'
Try `chmod --help' for more information.
./makefile: line 65: clean:: command not found
./makefile: line 66: @rm: command not found
./makefile: line 68: syntax error near unexpected token `else'
./makefile: line 68: `else'