Even though this topic is dealing with editbox, I gather this is related to why I was seeing only the 1st nick instead of all 3 highlighted nicks when I add line to nicklist menu:

.Op +o ( $$1 $2 $3 ): mode # +ooo $$1 $2 $3

and when I changed to:

.Op +o ( $* ): mode # +ooo $$1 $2 $3

I was seeing the `~$* in the menu label, regardless whether 1 or 3 nicks are highlighted.