Are yo sure you added all parameters from the command:
[root@e-smith ]# /sbin/e-smith/db accounts setprop <new> PHPBaseDir /home/e-smith/files/ibays/<new>/:/proc:/bin
Especially the :/proc:/bin are important.
[root@e-smith ]# /sbin/e-smith/signal-event ibay-modify <new>
I noticed just recently that I didn't get the mounts either but think that above should do the job.
You can always fire of the commands again.