Forums Scripts & Popups Script issue with comparisons... Why?

This does not work:
on *:CONNECT: {
if ($me == sas) || ($me == squatchy)
{
if ($server == chicago.us.p2pirc.org) {
/nsp2p | /j supertorrents | /j stmusic | /j pre
}
}
}

However, this does:

on *:CONNECT: {
if ($me == sas) || ($me == squatchy) && ($server == chicago.us.p2pirc.org) {
nsp2p
j #supertorrents
j #stmusic
j #pre
}

Am I just not seeing it? If I remove the nickname checking part in the first one, it works fine... But not with it in it.