Index: django/core/management/__init__.py
===================================================================
--- django/core/management/__init__.py	(revision 11322)
+++ django/core/management/__init__.py	(working copy)
@@ -50,8 +50,10 @@
     try:
         f, path, descr = imp.find_module(part,path)
     except ImportError,e:
-        if os.path.basename(os.getcwd()) != part:
-            raise e
+        if sys.modules.has_key(part):
+            path = os.path.realpath(sys.modules[part].__path__[0])
+        elif os.path.basename(os.getcwd()) != part:
+            raise e   
 
     while parts:
         part = parts.pop()