I have obtained this issue with the latest patch. Client.exe is shown to be running in the task manager, hackshield launches, then nothing and the game simply will not start while client.exe sits there and uses up resources.
I have reinstalled the game three times tonight with the same outcomes every time I've tried launching Mabinogi, and the game was woring just fine yesterday without problem.
I have attempted running it in WinXP compatibility mode and as an admin, however these have not helped get the game to run. Direct launching does not run either. I have forgone sleeping tonight trying to find a solution for this issue, restarted my PC numerous times, and nothing yet has worked. If anyone has a clue, please help, I do not want to miss the event.
Edit: The game launched after a half hour or so of just letting Client.exe run.