case-sensitive ignore strings

I'm monitoring a machine which is unfortunately named "panic" and I can't seem to get the LOG settings right to flag "PANIC", but not "panic" for that host.  Here's the host-specific section in hobbit-clients.cfg:

HOST=panic,panic.example.com
         LOG %.* %(?-i)PANIC IGNORE=%panic
         LOG %.* %(FATAL|ECC) COLOR=red

and here's the default section (for all other machines):

DEFAULT
	LOG %.* %(FATAL|PANIC|ECC) COLOR=red

Any ideas why "panic" is still matching?

Thanks,
Matt