  The dyonic 1/4-BPS states in 4D string theory with N=4 spacetime
supersymmetry are counted by a Siegel modular form. The pole structure of the
modular form leads to a contour dependence in the counting formula obscuring
its duality invariance. We exhibit the relation between this ambiguity and the
(dis-)appearance of bound states of 1/2-BPS configurations. Using this insight
we propose a precise moduli-dependent contour prescription for the counting
formula. We then show that the degeneracies are duality-invariant and are
correctly adjusted at the walls of marginal stability to account for the
(dis-)appearance of the two-centered bound states. Especially, for large black
holes none of these bound states exists at the attractor point and none of
these ambiguous poles contributes to the counting formula. Using this fact we
also propose a second, moduli-independent contour which counts the "immortal
dyons" that are stable everywhere.
