I ran the uninstaller for the installed version, specifying to keep everything and move the license file to the desktop, then downloaded and installed the current version to C:\My Programs\jv16 PowerTools X, then noticed there was a \Settings\Icons file: (used JPSoftware's TCMD)
pdir /a: /b /s /(dy-m-d th:s zc fpn) icons
2016-04-06 23 150,218 C:\My Programs\jv16 PowerTools X\Settings\Icons
and from the already installed then removed c:\Program Files (x86)\jv16 PowerTools X there was:
2015-05-14 23 27,998 C:\Program Files (x86)\jv16 PowerTools X\Settings\icons\f_directory_finder.ico
So I guess the error message comes from there already being a folder named Icons when the recent builds need Icons to be a file. I think that is the error - now up to you on how to fix it....