Cecil, if you are using " //server" then, you need to have agent installed on that server, or maybe it's something with the spaces in the path.... If the files available locally to appserver, then test with something simple like /c/CABs/hf7b.cab first.
LAZAR - WITH THE SCORE!!!
Tha was it - I moved the CAB files to a non-spaced folder on the server's root directory, and BladeLogic was finally able to collect HotFix information on a server in Live View!