VBP's Make VS.NET action uses the .NET XML parser to process VS.NET project files, so it requires the files to be valid XML. Oddly, VS.NET 2002/2003 doesn't create a valid XML file when there is an ampersand char in a build event, and it also doesn't parse a correctly encoded ampersand char if the file is converted to valid XML.
The simplest workaround is to put your build event commands on multiple lines instead of using &. If you click the ... button beside the event command line field, you can enter commands on multiple lines using Enter. VS.NET does appear to encode the cr/lf chars properly.
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