Solution: The following script.
#!/bin/bash
if [ ! -d Thumbs ] ; then
mkdir Thumbs;
fi
while [ $# -ge 1 ]; do
TARGET=`echo -n "$1" | sed "s/.jpg/t.png/" | sed "s/.JPG/T.PNG/" | sed "s/.jpeg/t.png/" | sed "s/.JPEG/T.PNG/"`;
if [ -e $TARGET ] ; then
echo "Refusing to overwrite $TARGET. ";
else
echo -n "Converting $1 to Thumbs/$TARGET: ";
convert $1 -resize 128x128 Thumbs/$TARGET;
if [ $? -eq 0 ]
then
echo "OK."
else
echo "ERROR: $?"
fi
fi
shift
done
exit 0