A.T Romano,
I was disappointed to see after I got the minor update a few weeks ago. The problem came back because it was never addressed. I needed to do the same thing. Go to the Program Files directory, Adobe, premier... and find the file OldFilm.AEX and delete it.
A new question, What is the easiest way so see exactly what version of Adobe Premiere Elements I am running? I know it is v13, but I'd like to see the exact version that reflects the latest update please.