i originally used liquid tape, but it flakes off after awhile, so it's not really a long term solution. what finally ended up working was to do 'racing stripes' with electrical tape. it has to be rubbery flexible tape, usually the cheaper kind (99 cents). as opposed to the less flexible good black photo tape, which ends up peeling off when you retract/extend.
you have to push the edges flat while applying the tape, so it takes the shape of the folds...just takes 4 pieces. no leaks since i did this. crappy photo, but i don't feel like taking another right now. it's red because that's all they had at the dept store in kiryu, japan at 9:30 at night.
[Sorry, image deleted during forum software upgrade. Please re-upload if so inclined.]