localToGlobal function

I asked this on another forum but got no answer to it I thought this would be an easy one to solve but it’s been kicking my butt for a while now. I can never get this function to work like it’s meant to do.

I have a mc in an external swf that loads into a movieClip on the main swf.
this all works.

The clip in the external swf has a registration point set to left center. Now in the main swf I have an overlay solid mc on the root level that I need to cover over the loaded in mc. So I set the registration point of the overlay solid the same as the external mc. Then I tried to use local to global but it didn’t end up matching.
What am I doing wrong.

function local_global(externalClip) {
	point = {x:externalClip._x, y:externalClip._y};
	trace("externalClip :"+externalClip);
	textPanel._x = point.x;
	textPanel._y = point.y;

Here is also a link to the two fla movies.

Any help on this would be great as it’s giving me a hard time.