Unused local variable compiler error when it is used

Question

I've got a weird one here. I'm getting the compiler error "Unused local variable" for a variable that is used!

If bUpdate Then
   Dim fclm As New frmNewClaim : GetOpenForm(fclm)
   With fclm ' <-------------------
       .something = x
   End With
 End If

The sub GetOpenForm just attaches to a form if it is already open

I have the exact same code (the Dim/With) in other parts of the application that are not being complained about. I've tried recompiling, but the error remains.

What is going on here?