What sizes are the two imstyleXXXX125.pbl files?
Are the security settings on the folder set correctly?
What does your im.ini file (in folder C:\Users\youruserid\AppData\Local\Sybase\InfoMaker 12.5 ) look like for the application section? Mine looks like this:
WorkingDir=\\cfolfls1\tddykstra$\Sybase\InfoMaker 12.5\Tutorial
DefLib=\\cfolfls1\tddykstra$\Sybase\InfoMaker 12.5\Tutorial\tutor_im.pbl
TempLib=C:\Users\TDDYKS~1.LON\AppData\Local\Temp\.pb75FF..pbl