Error at startup: "Failed to open the settings for module Editor reverting to defaults" (4223451)

The following error occurs at startup: "Failed to open the settings for module Editor reverting to defaults"

Reset Toad Application Data Directory folder:
1. Close Toad
2. Go to the following folder:

XP: C:\Documents and Settings\<your_user>\Application Data\Quest Software\
Vista: C:\Users\<your_user>\AppData\Roaming\Quest Software\

3. Rename  “Toad for SQL Server x.x” folder to “Toad for SQL Server x.x_OLD”
4. Start Toad and when prompted to Migrate previous user settings, choose NO or CANCEL.

Note: with the above change existing connection logins and custom user settings will no be available