The user is trying to start NX (11 in this case), but he only gets the message that no license is available and he needs to check the environment variable UGS_LICENSE_BUNDLE.
Within the NX syslog and the license log you will see that NX is trying to obtain a license for "cam_sme_master".
Solution
The reason for this was a DEMO license the customer got from SPLM which was expired.
To get rid of this we have renamed the folder C:\users\%USERNAME%\AppData\Local\Siemens\NX110 and now the user was able to start NX without any licensing messages.
Notes and References
Hardware/Software Configuration
Platform: INTEL
OS: window
OS Version: 764SP1
Product: NX
Application: SYSTEM
Function: SYSTEM_TOOLS
Ref: 002-7009289