I've seen this happen in 2003, so I'll tell you what I had to do there.

Tools - Options - General - WebOptions

On the FILE tab, deselect Update Links on Save.
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HTH,
Barb Reinhardt

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"s-steege" wrote:

When I re-open a file w embedded links (Excell 2007) I get error message
"Workbook contains one or more links that can not be updated"
I then used the "Edit Links" function which shows that Excel has incorrectly
changed the file path names of the target files referenced in my links. The
path name points to ==
c:\users\ssteege\AppData\Roaming\Microsoft\Excel\f ilename.xlsx
where filename is the name of the target file referenced by my link.
However my target file is not in that directory. I used the edit links
function to correct the path names of all the files targeted by my links and
saved the worksheet. However, when the worksheet is reopened the path name
of the target file is again incorrect as shown above. Why is Excell altering
the path names of the target files in my links and what must I do to prevent
it ?