I was able to start the application by removing gdiplus.dll in the app directory. Everything worked except for NEF import. These errors are probably machine-specific. Thanks.

I downloaded and installed Helicon Focus v4.48.4 twice and both times received the following error when attempting to launch on my Windows 2000 SP4 machine:

HeliconFocus.exe - Bad Image
The application or DLL D:\Helicon Focus\gdiplus.dll is not a valid Windows image. Please check this against your ...