asterisk users - Sep 2005 - Can anyone explain why this is happening? Odd CUT Problem

This is the output:
   -- Executing NoOp("Zap/4-1", "We Are Here") in new stack
    -- Executing Cut("Zap/4-1", "myexten=ds|/|2") in new
stack
    -- Executing NoOp("Zap/4-1", "205|30|tr") in new stack
    -- Executing Cut("Zap/4-1", "mine=myexten|||1") in new
stack
    -- Executing NoOp("Zap/4-1", " ") in new stack

This is the dial command:
exten => s,1,AGI,dialparties.agi
exten => s,10,Dial(${ds})                               
exten => s,11,Wait(1)                                          
exten => s,12,NoOp(We Are Here)
exten => s,13,Cut(myexten=ds,/,2)
exten => s,14,NoOp,${myexten}
exten => s,15,Cut(mine=myexten,|,1)
exten => s,16,NoOp,${mine}
exten => s,17,Voicemail(b${ARG3})     

Why am I not getting 205 as the output of my second CUT?  But rather
getting "" ?