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".
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
OS Version: 764SP1