I have the same problem here. At first I used Fences 1.01.143 for a long times and nothing happens. Then one day I install Fences 2 just for testing, then for some reasons I uninstall it and go back to the earlier version. That's when I cannot use it like before. As I recall, explorer.exe crashes once, after that, every time I tried to open Fences it said "Fences does not appear to be loaded. You may need to reinstall Fences."
FYI, I did reinstalled it several times, rebooting like instructions but nothing changes.
Any suggestions on how to fix this. I've looked for this in other threads, too. Fences is really nice, nothing can replace it.