Jgarber RedCloth → 4.0.4

I'm having an issue with HTML embed code in Redcloth 4.0.3.

The following embed code is part of some textile that is being rendered with the this command:

output = RedCloth.new(text, [:no_span_caps]).to_html(:textile)

<embed src="http://demo.assetbank.co.uk/assetbank-standard/tools/flow-player/FlowPlayerLight.swf?config=%7Bembedded%3Atrue%2CbaseURL%3A%27http://demo.assetbank.co.uk/assetbank-standard/tools/flow-player%27%2CshowFullScreenButton%3Afalse%2CshowMenu%3Atrue%2CcontrolsAreaBorderColor%3A14540253%2CautoPlay%3Afalse%2Cloop%3Afalse%2CnoVideoClip%3A%27%2E%2E%2F%2E%2E%2Fimages%2Fstandard%2Fmisc%2Fno%2Dvideo%2Egif%27%2CautoBuffering%3Atrue%2CautoRewind%3Atrue%2CallowResize%3Afalse%2CshowStopButton%3Atrue%2CinitialScale%3A%27scale%27%2CvideoFile%3A%27http://demo.assetbank.co.uk/assetbank-standard/images/assets/501-600/590/knight-p1.flv%27%7D" width="320" height="268" scale="scale" bgcolor="111111" type="application/x-shockwave-flash" allowFullScreen="true" allowScriptAccess="always" allowNetworking="all" pluginspage="http://www.macromedia.com/go/getflashplayer"></embed>

This code is disappears completely, with no trace of it in the output. However, if I paste it on the same line as some other text, or with text inside the embed tag, it outputs correctly.

This is embed code <embed src="http://demo.assetbank.co.uk/assetbank-standard/tools/flow-player/FlowPlayerLight.swf?config=%7Bembedded%3Atrue%2CbaseURL%3A%27http://demo.assetbank.co.uk/assetbank-standard/tools/flow-player%27%2CshowFullScreenButton%3Afalse%2CshowMenu%3Atrue%2CcontrolsAreaBorderColor%3A14540253%2CautoPlay%3Afalse%2Cloop%3Afalse%2CnoVideoClip%3A%27%2E%2E%2F%2E%2E%2Fimages%2Fstandard%2Fmisc%2Fno%2Dvideo%2Egif%27%2CautoBuffering%3Atrue%2CautoRewind%3Atrue%2CallowResize%3Afalse%2CshowStopButton%3Atrue%2CinitialScale%3A%27scale%27%2CvideoFile%3A%27http://demo.assetbank.co.uk/assetbank-standard/images/assets/501-600/590/knight-p1.flv%27%7D" width="320" height="268" scale="scale" bgcolor="111111" type="application/x-shockwave-flash" allowFullScreen="true" allowScriptAccess="always" allowNetworking="all" pluginspage="http://www.macromedia.com/go/getflashplayer"></embed>

or

<embed src="http://demo.assetbank.co.uk/assetbank-standard/tools/flow-player/FlowPlayerLight.swf?config=%7Bembedded%3Atrue%2CbaseURL%3A%27http://demo.assetbank.co.uk/assetbank-standard/tools/flow-player%27%2CshowFullScreenButton%3Afalse%2CshowMenu%3Atrue%2CcontrolsAreaBorderColor%3A14540253%2CautoPlay%3Afalse%2Cloop%3Afalse%2CnoVideoClip%3A%27%2E%2E%2F%2E%2E%2Fimages%2Fstandard%2Fmisc%2Fno%2Dvideo%2Egif%27%2CautoBuffering%3Atrue%2CautoRewind%3Atrue%2CallowResize%3Afalse%2CshowStopButton%3Atrue%2CinitialScale%3A%27scale%27%2CvideoFile%3A%27http://demo.assetbank.co.uk/assetbank-standard/images/assets/501-600/590/knight-p1.flv%27%7D" width="320" height="268" scale="scale" bgcolor="111111" type="application/x-shockwave-flash" allowFullScreen="true" allowScriptAccess="always" allowNetworking="all" pluginspage="http://www.macromedia.com/go/getflashplayer">i am inside embed code</embed>

The above both render correctly, so I presume this is a bug with Textile?