I have the same error message. Here's my debug report.
Entered Main()
Environment..
Operating System = 'Microsoft Windows NT 5.1.2600.0'
.NET Framework = '1.1.4322.2032'
Base Directory = 'C:\Program Files\Ultima Online2'
Data Directory = 'C:\Program Files\Ultima Online2'
Done
Setting up interop communications...done
Initializing Strings...done
Benchmarks: low resolution
Main()..
Initializing Display...done
Initializing DirectX..
Fullscreen = False
done
Done
Initializing Map... Type -> System.TypeInitializationException
Message -> The type initializer for "Client.Map" threw an exception.
Source -> Client
Target -> Void Unlock()
Inner -> System.TypeInitializationException: The type initializer for "Client.Config" threw an exception. ---> System.IO.DirectoryNotFoundException: Could not find a part of the path "C:\Program Files\Ultima Online2\Data\Binary\EmptyVerdata.mul".
at System.IO.__Error.WinIOError(Int32 errorCode, String str)
at System.IO.FileStream..ctor(String path, FileMode mode, FileAccess access, FileShare share, Int32 bufferSize, Boolean useAsync, String msgPath, Boolean bFromProxy)
at System.IO.FileStream..ctor(String path, FileMode mode, FileAccess access, FileShare share, Int32 bufferSize)
at System.IO.File.Create(String path, Int32 bufferSize)
at Client.Config..cctor()
--- End of inner exception stack trace ---
at Client.Config.GetFile(Int32 FileID)
at Client.FileManager.ResolveMUL(Files File)
at Client.Map..cctor()
Stack ->
at Client.Map.Unlock()
at Client.Renderer.DrawUnsafe()
at Client.Renderer.Draw()
Initializing Animations...done ( 0ns )
Initializing Gumps... Unhandled exception
Object -> Name: Client.exe
There are no context policies.
Type -> System.IO.DirectoryNotFoundException
Message -> Could not find a part of the path "C:\Program Files\Ultima Online2\Data\Binary\EmptyVerdata.mul".
Source -> mscorlib
Target -> Void WinIOError(Int32, System.String)
Inner ->
Stack ->
at System.IO.__Error.WinIOError(Int32 errorCode, String str)
at System.IO.FileStream..ctor(String path, FileMode mode, FileAccess access, FileShare share, Int32 bufferSize, Boolean useAsync, String msgPath, Boolean bFromProxy)
at System.IO.FileStream..ctor(String path, FileMode mode, FileAccess access, FileShare share)
at Client.Gumps..ctor()
at Client.Engine.Main(String[] Args)