Issue with if(s)?

Not sure if this is enough to go on, but is there any obvious reason why the static slide wouldn’t display when the slideshow is disabled?

<?php if(is_front_page()):?>

	<?php $cpress_slideshow_enabled = cpress_get_option('cpress_slideshow_enabled'); ?>
	<?php if($cpress_slideshow_enabled) include( TEMPLATEPATH . '/includes/slideshow.php') ?>
		<?php else : ?>
        	<?php if($cpress_static_slide)  : ?>
            	<img src="<?php echo($cpress_staic_slide); ?>" />
			<?php endif; ?>
<?php endif; ?>