LaunchPad:Missing Permission problem

System

Solaris 5.8
TS 5.5.2

Giving following error while opening (view/edit) any file (not DCR).
LaunchPad does not have all the permissions it needs:
Cannot read user information on the local machine. LaunchPad cannot operate.java.security.accessControlException - access denied (java.util.PropertyPermission * read,write)

was working fine till I reinstalled SP3 for TeamSite & Templating.

Any one got this error before on solaris machine with netscape 4.76