A new version appears to be out. http://sourceforge.net/projects/modplug-xmms/files/libmodplug/
I will be maintaining this; I have upstream patching waiting to go in.
The patch I refer to is here: https://github.com/Konstanty/libmodplug/pull/19/files
+*libmodplug-0.8.8.5 (04 Aug 2014) + + 04 Aug 2014; Tony Vroon <chainsaw@gentoo.org> +libmodplug-0.8.8.5.ebuild, + +files/libmodplug-0.8.8.5-no-fast-math.patch, + +files/libmodplug-0.8.8.5-psm-omf2097-fixes.patch, metadata.xml: + Version bump, as requested by Tom Wijsman in bug #516926. Handle OMF2097 PSM + files correctly, filed upstream on Github as pull request 19.