VT711: Settings_Picklist_Module_Model->renamePickListValues() bug
See this line of code in the above method:
http://code.vtiger.com/vtiger/vtigercrm/blob/master/modules/Settings/Picklist/models/Module.php#L96
Whilst this is fine for UIType 15 and 16 picklists - it doesn't work for muti-select picklists. I think the same bug is present in the remove() method too. If you have a multi-select picklist and the field contains more than one value then the query is wrong because the column will contain something like:
picklistValue1 |##| picklistValue2 |##| picklistValue3
etc...