defsystem problems with matlisp

This question should actually go out to the defsystem maintainers. 
Since the
current maintainer is on this list I'll post it here.

The defsystem form of matlisp is in the file start.lisp.  It turns out
that
the form is correct but defsystem does not work correctly.

Eg.
----
Suppose everything is built.  Touch the file src/fortran.lisp.  It has
dependencies
blas.lisp and lapack.list.  But when you do a *minimal load* with
operate-on-system
only fortran.lisp gets recompiled.  

Its been pointed out that most people use defsystem either at file level
or system level.
The dependencies here are at *module* level.  That may be the reason.

Anyway, defsystem people (Marco, that's you): help??

Thanks,
Tunc