The "get cookies" code that builds CGI:cookies from "HTTP_COOKIE" in cgi.lsp tears up cookies with embeded or tailing "=".
The following, fixed the problem, nicely for me.
(if (env "HTTP_COOKIE")
    (dolist (elmnt (parse (env "HTTP_COOKIE") ";"))
         (set 'var (trim (first (parse elmnt "="))))
 ### (set 'value (trim (last (parse elmnt "="))))
         (set 'value (slice elmnt (+ 1 (find "=" elmnt))))
         (push (list var value) cookies))
    (set 'cookies '()))
This feature plays hell with (base64-*) and (encrypt) of cookies !
I had been chaseing a random problem for weeks before I figured out how to reporduce it. In my case a (base64 string with a trailing "=" came back "" which trigered a differant, repeatable, error, that lead to this fix. 
Well back to my rat killen, Just thought someone else might have a random cookie related problem that this might fix.
			
			
									
									(context 'CGI) ; get cookies feature
(context 'CGI) ; get cookies feature
Bob the Caveguy aka Lord High Fixer.