It works on a different system. I think it's a cygwin problem.
$ ./Perl5.8.6 -e 'chdir "//usoaahs10/common/Production Support/MiscSys
+tems/unknown VB apps/Training Server/Michele Backup/Temporary Compute
+r Backup/Documents and Settings/inacomp/Local Settings/Application Da
+ta/Identities/{0FEFDF2D-79B6-45A8-8ED8-AE6F59669687}/Microsoft" or di
+e $!; chdir "../.." or die $!'
No such file or directory at -e line 1.