I'm guessing it is probably related to path separators and temp directories, and par.pl ... 
set PAR_GLOBAL_DEBUG=1

[download]
and try again , see PAR::Environment

In reply to Re: Use PAR::packer to create EXE from Cygwin for CMD by Anonymous Monk
in thread Use PAR::packer to create EXE from Cygwin for CMD by gri6507

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