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Default default file location not working

I set up a default file location in tools-options-General.
When I open an excel file from the default path and then do a Save AS,
the default path is not the path shown. Instead it sometimes comes up
with the path "C:\Program Files\Common Files\System\Mapi\1033\nt".

Any idea why it is trying write it there rather than the defualt
directory?

thanks...charlie