Thanks,
I've altered the cells.select to cells(1,1).select, and, while I can
see that the desired selection and replacement occurs, the copy
doesn't occur, for some reason:

Sub timesheetGenerate()
Dim fillamt As Long
Dim origDate As Date

Dim LOldWb As Workbook
Dim LNewWb As Workbook
Dim x As Name

Dim wks As Worksheet
Dim CodeNameString As String




Const xlPasteAll = -4104
Const xlNone = -4142
Const xlByRows = &H1
'var xlPart = 0x2


'Open existing timesheet
Set LOldWb = Workbooks.Open(Filename:=UserForm1.TextBox1.Value)

LOldWb.Activate


'Add new workbook
Set LNewWb = Workbooks.Add



'///
'Copy sheet one of existing timesheet
LOldWb.Activate

For Each wks In LOldWb.Worksheets
CodeNameString = LCase(wks.CodeName)
If CodeNameString = "sheet1" Then
LOldWb.Sheets(CodeNameString).Visible = True
LOldWb.Sheets(CodeNameString).Select

Cells(1, 1).Select
'///replace formula with string
Selection.Replace What:="=", Replacement:="$$$$$=", LookAt:=xlPart, _
SearchOrder:=xlByRows, MatchCase:=False, SearchFormat:=False,
_
ReplaceFormat:=False
Selection.Copy

End If
Next wks


'///
'Paste sheet one to new timesheet
LNewWb.Activate

For Each wks In LNewWb.Worksheets
CodeNameString = wks.CodeName
If CodeNameString = "Sheet1" Then
LNewWb.Sheets(CodeNameString).Visible = True
LNewWb.Sheets(CodeNameString).Select

Cells(1, 1).Select

'///paste all (values)
Selection.PasteSpecial Paste:=xlPasteAll, Operation:=xlNone,
SkipBlanks _
:=False, Transpose:=False

'///replace string with formula
Selection.Replace What:="$$$$$=", Replacement:="=", LookAt:=xlPart, _
SearchOrder:=xlByRows, MatchCase:=False, SearchFormat:=False,
_
ReplaceFormat:=False

End If
Next wks


'\\\\Sheets("Sheet1").Select
For Each wks In LNewWb.Worksheets
CodeNameString = wks.CodeName
If CodeNameString = "sheet1" Then
LNewWb.Sheets(CodeNameString).Visible = True
LNewWb.Sheets(CodeNameString).Select

' Loop through all of the defined names in the active
' workbook.
For Each x In LOldWb.Names
' Add each defined name from the active workbook to
' the target workbook ("Book2.xls" or "Book2.xlsm").
' "x.value" refers to the cell references the
' defined name points to.
LNewWb.Names.Add Name:=x.Name, _
RefersTo:=x.Value
Next x

End If
Next wks
'\\\\
ActiveWorkbook.SaveAs Filename:=UserForm1.TextBox2.Value
'\\\\
ActiveWorkbook.Close
'\\\\
LOldWb.Activate
ActiveWorkbook.Close

End Sub