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Cannot Save from Excel 2003 to networked location.

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I am having the same problem in Excel 2007. The user is opening up a spreadsheet he uses as a template more or less, doing save as, giving it a different name and it will not allow him to save it. I verified the share is set to Everyone full control and the NTFS persmissions give him and domain admins full control. Just for giggles I propagated his permissions on the folder and subfolders, and that didn't fix it. He can write, read, rename and everything but cannot save from the Save As box in Excel.