Youre quite right the wrong ones a

\\SERVER\X$\
HLD: #VALUE! < N/A < SubDir: N/A €“WRONG

What I was trying to see was:
HLD: N/A < N/A < SubDir: N/A

and

\\SERVER\X$\$Extend\Test
HLD: $Extend\ < N/A < SubDir: t €“WRONG

Aiming for:
HLD: $Extend\Test < N/A < SubDir: N/A

i.e. Im trying to do ...
from the source string, say ...
\\SERVER\X$\data\Team Name\Personal Data\UserName\mail\
Im trying to ignore the server and drive,

Take the next 2 directories as HLD (High Level Directory). If there's only
one directory after the server/drive use that as HLD

The next 1 as Directory

Remaining directories as sub-directories

HLD = data\Team Name\
Directory = Personal Data
Sub-Directories = \UserName\mail\