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Al:
I found the problem.
It appears that pip installed to /usr/local/lib/python2.7/site-packages, however the PYTHONPATH was pointing to /usr/lib/python2.7/site-packages. The /usr/lib/python2.7/site-packages version of serial doesn't have the all the pieces of pySerial so I got this error.
I fixed it by removing the PYTHONPATH from my .bashrc file and it works just like it should.
Kinda weird huh?
Thanks,
Freddie