This issue seems to be a bug in the nookLauncher code & I'm able to reproduce it with the version included in the 1.2 softroot.
I'll add it to the list of issues for the next release.
I'll probably have it done by Saturday evening EST.
You can then upgrade the app using the nookdevs feed in Trook.
It's possible to fix this by updating the launcher database from adb shell. If you are interested, I can send the steps.
I check the issues list frequently in http://code.google.com/p/nookdevs/issues/list
If you find any issues/new features, feel free to create a defect in there and someone will respond.