For the 2nd sqaudron it is because your ship's index is too high compared to the image points.
Say for the ship with an index of 7, your telling it to go to an image point 7 (which doesn't exist) so you just need to go -5 for the greater than 5 index event thing.
(click for full size)
or you could go something like
formation.ImagePointY("pos" & (loopindex-((formation.Value('formationnr')-1)*5)))
formation.ImagePointX("pos" & (loopindex-((formation.Value('formationnr')-1)*5)))
[/code:1mtt5ogz]
to save having to do seperate events for each formation.