Ran into this problem and don't know the cause.
I tried playing the official Champ tournament this week at the St. Andrew's courses. When I attempted to join, I was told that I did not have the St. Andrews New Course installed. Indeed, although I thought I had installed the course some time ago after switching computers, I apparently failed to do so since it is not present in my 2003 course manager.
However, I do have Links 2000 currently installed and the New course is loaded there. I then attempted to convert it to 2003. I placed Links 2003 disk 2 into the drive and then I ran the conversion program. But when I did so, after it started, I got a message to the effect that the "path could not be found". The conversion then stopped.
Over the years I've done this many times and never had a problem converting a course, but it's been a while and I've forgotten if there is another step or I've overlooked something. I know that I successfully installed the Old Course and the Jubilee Course which are/were part of Links 2000 and are availabe on 2003, so what's going on here?