$img_content  = '<img src="'.$timg_url.'">'; 이부분이 출력이 안되는 이유를 알고 싶습니다

-----------------------------------------------------------------

<div class="img_set">
    <a href="<?php echo $list[$i]['href'] ?>">
     <?php               
     $thumb = get_list_thumbnail($bo_table, $list[$i]['wr_id'], $imgwidth, $imgheight);    $img_src = explode("src=", $list[$i][wr_content]);
     $img_src2 = explode(" ", $img_src[1]);
     $img_url = explode(">", $img_src2[0]);
     $timg_url = $img_url[0];
     
     if($thumb['src']) {
     $img_content = '<img class="img_left" src="'.$thumb['src'].'" alt="'.$list[$i]['subject'].'" width="'.$imgwidth.'" height="'.$imgheight.'">';
     } else if ($img_src[1]) {
     $img_content  = '<img src="'.$timg_url.'">';
     } else {
     $img_content = 'NO IMAGE';
     }               
     echo $img_content;                          
     ?>
    </a>
   </div>

------------------------------------------------------------------------