Hey xug,
Well, in the 3+ months that this hack has been out, your issue is certainly a first.
I'm fairly certain (99.44% sure) that the maxloggedin problem isn't related to this hack. Although I have seen some issue somewhere on this board about your particular problem, I can't remember what the specific issue was.
Try a search here, for maxloggedin. If that doesn't work, try over at vbulletin.com.
Matt