Hi,
I’m not sure how this would happen, but I suspect the registry entry where this information should be stored is invalid. I would have expected a dialog to appear when you select “Acquire License” in the Krakatoa System Preferences dialog but you day it does not work. Please try using regedit.exe to delete (or to be safer rename) the key “HKEY_CURRENT_USER\Software\FLEXlm License Manager\THINKBOX_LICENSE_FILE” to THINKBOX_LICENSE_FILE2 and restarting Max. Also try to run Max as an administrator and see if that changes anything.
Here’s what you are looking to change: