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The actual location of this scirpt is in $COBDIR/bin where COBDIR is the installation location for COBOL. The instructions in the Release Guide point to the location of cobsetenv based on the default location of COBOL, which is /opt/microfocus/VisualCOBOL. The instructions are incorrect if COBOL is not installed in the default directory.
The correct location of cobsetenv is displayed on the terminal at the end of the installation. Note the installation location of COBOL and prepend that path to /bin/cobsetenv to build the absolute path for cobsetenv.