Just to follow up and for info only since you seemed to have tracked down the culprit. I can confirm what James is seeing. I originally installed to C:\Games\LnLGames\Command Ops 2. I uninstalled and installed again to the defaults the installer asks for C:\LnLGames\Command Ops 2 with the same results.
To further again confirm what does and doesn't run:
EM.exe -- launched without trouble
EstabEditor.exe -- launched without trouble
MapMaker.exe -- showed the same error as CmdOps.exe
ScenMaker.exe -- showed the same error as CmdOps.exe
play.exe -- asks for admin password
update.exe -- asks for admin password
uninstaller.exe asks for admin password
As a side note, when I installed the second time and when it asked for installing shortcuts, I didn't tick off "all users" and I didn't get any shortcuts either in the start menu or on the desktop whereas the first install gave me desktop shortcuts when I ticked all users.