[Nut-upsuser] Windows 2008 r2 nut not starting

[nccuss17]

On Windows 2008r2, Network UPS tools isn't starting (netstat doesn't 
show anything on port 3493, and WinNutClient won't connect).   I 
eventually tried running c:\program files (x86)\NUT\bin\nut.exe -N in a 
command prompt window
and it reports the following:
--------------------------------------------------------------------------------------------------------------
C:\Program Files (x86)\NUT\bin>nut.exe -N
Running in non-service mode

EventLog : Starting

EventLog : Starting drivers

EventLog : Starting upsd

Network UPS Tools - UPS driver controller Windows-v2.6.5-5-7-g72f380c
Can't start C:\Program Files (x86)\NUT\bin/(null).exe: No such file or 
directory
  [The system cannot find the file specified. ]
EventLog : Starting upsmon
------------------------------------------------------------------------------------------------------------------
I installed it with NUT-Installer-2.6.5-6.msi