Ok, reviewed this report now:
Substitution works fine - tested it outside of an attribute. It's your HTML editor that does "cleans" the CB's parameter and removes the "non-w3c-compliant" double-quotes inside the double-quotes. And CB does not allow for single-quotes which is fine, as we do not want multiple syntaxes.
You can use another HTML editor, or use no-editor here. Maybe that would work.
So not a bug in CBSubs.