Hello,
same problem here. Just updated from 5.10.0.2 to 5.10.1.0 and now PM doesn't start anymore. It just shows "Initialization" and "Updating licenses" after double click, shows for a second or two within the Windows Task Manager and then nothing happens. ZP starts without problems and seems to work.
Already followed your recommendation and re-installed the software (checked the first setting when deinstalling, "Deleting program files directory") but without success.
The previous version worked flawlessly on my Windows Server 2008 R2 VPS.
Do you have another solution to make it working again?
Thank you.