If your license server has changed (or the registry setting that stores it), Krakatoa will happily keep trying the old server. This is probably what you are seeing. Check the registry key HKEY_LOCAL_MACHINE\SOFTWARE\FLEXlm License Manager with String value FRANTIC_LICENSE_FILE. Verify that your server settings are in there.
BTW. This is a fairly common issue, so we are going to add some Krakatoa dialogs for setting this key in the coming versions.