Index: /trunk/ccl/lib/db-io.lisp
===================================================================
--- /trunk/ccl/lib/db-io.lisp	(revision 5847)
+++ /trunk/ccl/lib/db-io.lisp	(revision 5848)
@@ -382,5 +382,7 @@
       (cdb-check-trailer cdb))
     (progn
-      (warn "Interface file ~s does not exist.~%This may mean that that the \"ccl:\" logical-pathname host has not been properly initialized. " (translate-logical-pathname pathname))
+      (if (probe-file (make-pathname :name nil :type nil :defaults pathname))
+        (warn "Interface file ~s does not exist." pathname)
+        (warn "Interface file ~s does not exist, and the containing directory does not exist.~%This may mean that that the \"ccl:\" logical-pathname host has not been properly initialized. " (translate-logical-pathname pathname)))
       (make-cdb :fid nil :pathname (namestring pathname)))))