The macro XYZ cannot be found?

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Hi,

When I open MS Excel using the following batch command, an instance of Excel
opens.
start "C:\Documents and Settings\All Users\Start Menu\Programs\Microsoft
Office\Microsoft Office Excel 2003.lnk"

However, when I try to run a macro located in my Personal.xls using a custom
macro button located on the toolbar, I get the following error message, even
though the personal.xls is open (hidden). To make the macro work, I need to
reassign the macro.

The macro “C:\program files\microsoft office\office11\xlstart\personal.XLS’!
Macro1’ cannot be found’

If I start an excel instance by CLICKING on the same shortcut, the macro
works fine.

Why am I getting that error message? I am using Excel 2003 on a Windows XP
machine. The macro security level has been set to medium.

Thanks,

MG.