What causes the error "File Not Found <path to file>. The system cannot find the path specified" when checking out a file?
This problem is most likely caused by Windows naming convention. Check the folder of the problematic file to see if there is a blank character at the end. Removing the blank space should allow you to checkout the file. A good indication of a blank space in the folder name is to look at the error message and see if there is a space between the folder name and the subsequent backslash. For example in the error message below the space is in the folder name Test because you can see a space between Test and the backslash.
The reason the blank space is the problem is StarTeam allows the blank space to be entered but Windows will automatically removes the blank space. This therefore means there will be a mismatch in the folder name and StarTeam will not be able to find the working file. To resolve this edit the folder properties in StarTeam and remove and space from the Default Working Folder field.