Unhandled exception when using tilde(~) in URL filenames

[Amish]

Hi All,
I have a ASP.NET 1.1 web application with default error page
specified in customerror tag in web.config along with error handling code in
Application error event in global.asax file.
Now if a page(.aspx) that does not exist in the application is mentioned in
url ,the application redirects to the custom error page mentioned in
customerror tag.
But when a aspx whether it is existing or non existing is called with a
tilde as prefix , the application throws an unhandled error.This error is not
at all handled by Application error event .
I did lot of googling and found out that this is a kind of known bug in
ASP.NET and MS is aware of it.
My question is : Is this a really a known bug in ASP.NET ?
Also is there a good work around to bypass/handle this tilde sceanrio ?

Regards,
Amish