this is closest i saw. hope it helps.
---excerpted from mskb article 292022---
SYMPTOMS
When you attempt to remove a personal folder from your folder list, the following error message may appear:
The operation failed. An object could not be found.
This behavior may also occur in Corporate or Workgroup mode after you remove the personal folders from the profile.
CAUSE
This behavior can occur if the Personal Folders service is no longer pointing to a valid personal folder file (.pst) or if the folder list has been damaged.
RESOLUTION
If you are using the Internet Mail Only (IMO) installation of Outlook, you can resolve this behavior by editing the Windows Registry: WARNING: If you use Registry Editor incorrectly, you may cause serious problems that may require you to reinstall your operating system. Microsoft cannot guarantee that you can solve problems that result from using Registry Editor incorrectly. Use Registry Editor at your own risk.
Quit Outlook
Start Registry Editor (Regedt32.exe).
Locate the following registry key:
HKEY_CURRENT_USER\SOFTWARE\Microsoft\Windows Messaging Subsystem\Profiles\Microsoft Outlook Internet Settings\
Locate the registry key that contains the old personal folders entry, right-click the key in the right pane, and then click Delete.
Quit Registry Editor, and then restart Outlook.