5.1.2 doesn't remember preferences

Since upgrading to 5.1.2, FCP doesn't remember my pref settings. Everytime I start FCP it prompts me to set my scratch disk and everything defaults to factory settings. Have repaired permissions, but haven't tried reinstalling FCP yet. Thought I would see if anyone else has experienced this.

"Never underestimate a kick to the nuts"
Bas Rutten