Excel 2010 upgrade; encountered errors during save

our company recentely upgraded to Excel 2010.  I have a user that is working with an excel file that was built in Excel 2003, the default save format was set by corporate to "Microsoft Excel 97-2003 Worksheet".  He drags the excel file from a network drive onto his desktop so he doesn't have to have a VPN connection to work with it.  When trying to save the edited file to his desktop, he is recently getting the following errors:

Error #1: "Errors were detected while saving 'C:\Documents and Settings/quxxx1\My Dropbox\filename.xls'.  Microsoft Excel may be able to save the file by removing or repairing some features.  To make the repairs in a new file, click Continue.  To cancel saving the file, click Cancel."  
He clicks Continue then gets Error #2:
"Excel encountered errors during save.  However, Excel was able to minimally save your file to 'C:\Documents and Settings\quxxx1\Application Data\Microsoft\Excel\XL12D6.xls."

The file is 3,381 KB, is password-protected, a couple sheets are protected, has pivot tables, conditional formatting, many formulas, named ranges and macros.  

What could be the reason for these save errors and how can I resolve this?
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leaper00Author Commented:
Thanks.  I found that solution before I posted my reply.  lots of information.  I should find a solution out of the many possibilities.  Thanks for the quick reply.
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