Hello Lee,

This has been sitting unanswered for a couple of days and it appears that it is hard to understand what is going on. Suggest that you upload a sample that demonstrates the issue you are having with one cell displaying a #VALUE error when another cell is blank.
To upload a sample workbook click on the GO ADVANCED button below the Quick Reply window and then scroll down to Manage Attachments to open the upload window.
Let us know if you have any questions.