For those still getting this error...
I had the issue where Windows would use backslash \ instead of forwardslash /
So my Path was "Z:\3D_COAT_DATA\" and this one gave the error.
I've then changed the slash to "Z:/3D_COAT_DATA/" and it worked.
Also "Ru nas Administrator" when you do it.
Hope this helps.
EDIT: I've tried again and again. At this point this error message is a bug. It is just random.I thouight I had it with the back slash and forward slash but it ain't it. This software is bugged to hell.