I've been experiencing this bug with fences for a while. I'm running Vista 32, with all patches.
I've noticed that this starts up after some odd Fence error (I copy (using CNTL+V) a file from an open file explorer window, click on an open area of my desktop, and pick paste (i'm making a copy that I'm going to eventually bundle for archiving to a USB storage). Nothing happens. Check around, nothing. Try it again, and I either get more nothing, or Fences suddenly starts popping open TWO new file explorer windows to "C:\ProgramData\Microsoft\Windows\Start Menu\Programs"--- but the COPY finally goes through.
I've noticed that once Fences start that, it will continue doing it, no matter what, until I reboot the system.
Usually, the file that I'm copying is a zip file, or a brainzip file (it's a straight zip file that TheBrain's application Personal Brain uses as its "own" file type to distinguish it from other zip files). Don't know if that causes anything special to happen.