Engineering has released version 1.0.3 of the Apple Event Manager which corrects the problem described above. Please be sure to remove all other copies of the Apple Event Manager (note the space in front of the name - a customer might drag 1.0.3 into his Extensions folder, thinking it would replace the older version, but it wouldn't because of the filename difference).
Please note that this problem goes away with AppleScript 1.1, because the functionality of the Apple Event Manager extension has been rolled into the AppleScript extension.