Mine

#!/bin/sh

VM_HOME="/vmware/VMs"

COUNTA="0"

for x in `ls ${VM_HOME}/*/*.vmx | tr ' ' '_'`
do
  eval VM_${COUNTA}="${x}"
  COUNTA=`expr ${COUNTA} + 1`
done

COUNTB="0"

while [ "${COUNTB}" -lt "${COUNTA}" ]
do
  echo "${COUNTB}: $VM_$COUNTB"
  COUNTB=`expr ${COUNTB} + 1`
done

[bob@boomer] ~/bin>sh clone.sh
0: 0
[bob@boomer] ~/bin>sh -x clone.sh 
+ VM_HOME=/vmware/VMs
+ COUNTA=0
++ ls '/vmware/VMs/Red Hat Enterprise Linux 4/Red Hat Enterprise Linux 4.vmx'
++ tr ' ' _
+ for x in '`ls ${VM_HOME}/*/*.vmx | tr '\'' '\'' '\''_'\''`'
+ eval VM_0=/vmware/VMs/Red_Hat_Enterprise_Linux_4/Red_Hat_Enterprise_Linux_4.vmx
++ VM_0=/vmware/VMs/Red_Hat_Enterprise_Linux_4/Red_Hat_Enterprise_Linux_4.vmx
++ expr 0 + 1
+ COUNTA=1
+ COUNTB=0
+ '[' 0 -lt 1 ']'
+ echo '0: 0'
0: 0
++ expr 0 + 1
+ COUNTB=1
+ '[' 1 -lt 1 ']'