Cannot reset Experimental Instance of VS2012 RTM due to BlankFile.ico access

Hi,
I can use CreateExpInstance.exe  to Create, but not Reset.
See below.

Anyone thoughts as to why CreateExpInstance.exe  is trying to access 'BlankFile.ico'.
And how I can troubleshoot.
Thanks

C:\Program Files (x86)\Microsoft Visual Studio 11.0\VSSDK\VisualStudioIntegration\Tools\Bin>CreateExpInstance.exe /create /VSInstance=11.0 /rootsuffix=Exp
Visual Studio (R) CreateExpInstance Utility.
Copyright (c) Microsoft Corporation. All rights reserved.

Created directory C:\Users\<user>\AppData\Local\Microsoft\VisualStudio\11.0Exp\Extensions.
Copied Extensions directory from C:\Users\<user>\AppData\Local\Microsoft\VisualStudio\11.0\Extensions to C:\Users\<user>\AppData\Local\Microsoft\VisualStudio\11.0Exp\Extensions\Extensions-11.0.

C:\Program Files (x86)\Microsoft Visual Studio 11.0\VSSDK\VisualStudioIntegration\Tools\Bin>CreateExpInstance.exe /reset /VSInstance=11.0 /rootsuffix=Exp
Visual Studio (R) CreateExpInstance Utility.
Copyright (c) Microsoft Corporation. All rights reserved.

CreateExpInstance : error : Access to the path 'BlankFile.ico' is denied.