Does anyone know the search sequence used by Excel to resolved referenced
files?

Assume:

C:\\my_dir\ref.xls
C:\Documents and Settings\me\Application
Data\Microsoft\Excel\XLSTART\ref.xls
C:\\my_dir\sub_dir\ref.xls
C:\my_dir\sub_dir\work.xls

work.xls contains a reference to ref.xls. It seems that the file in XLSTART
is the one loaded if it's there. But every now and then when opening
work.xls, a long winded message to the effect the 'ref.xls. is already
opened and another one cannot be opened etc...

Sometimes not. I can't duplicate this at will, it just happens when it
happens. If I quit Excel and try again, sometimes but not always, it goes
away and things operate as expected. Sometimes moving the most recent
version of ref.xls into position straightens it out.

Could it be that if work.xls was last opened and saved loading a copy of
ref.xls that was more recent than the copy Excel decided to load it would
complain? This would be most inconvenient if it were the case.

--
Terry

"I said I never had much use for one,
I never said I didn't know how to use one."
M. Quigley