I recently had a similar problem when our Network department re-mapped most of our drives without telling anybody and most of the company's shortcuts stopped working!!
The first thing to check is that teh properties of the shortcut refer to the correct file and location. If all appears to be OK and you still get the problem, delete the shortcut and re-create it.
If you STILL have the problem after doing that (I'm assuming you haven't already tried this), then I don't know what else to suggest.
Hi.
I've had this problem and am not on a network. The only way I found to overcome it was to run the detect and repair from the Help menu.
Lewis
Jack, what do you mean by "shortcut" ?
is it a hyperlink in another excel file ?
Maybe the hyperlink refers to a named range or an absolute cell that has since been renamed or deleted respectively ?
(sorry, I'm guessing also)
Chris