Are the files buried deep in a directory structure?
- I'm wondering if the total length of path + filename is longer than
Excel can cope with when the source file is closed.
- what is the path you are using?
- (and if using a drive letter, what is the UNC version)

Are the source files on a network drive?
- If so I wonder if there is an access rights problem with the higher
levels of the path

I have searched for other references to this problem on Google Groups
and in the MS KnowledgeBase without success - so it doesn't seem to be
a known or common problem.

Bill Manville
MVP - Microsoft Excel, Oxford, England
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