When I open an certain Excel 2003 file with links, I am prompted to update
the links that are in the workbook. Once "Update" is clicked, another dialog
box with the option to "Continue" or "Edit Links?" opens. If "Continue" is
selected, the file opens without updating, and if "Edit Links" is selected,
I'm taken to where I have to re-establish links.

The problem is that no files have been moved; the links should never have to
be re-established.

The files are located on two separate network drives, but they're drives
that my co-workers and I all have rights to.

What could be causing this issue?

Thanks in advance.