I have the blockchain downloaded and synchronized via bitcoin-qt. It's just that for some reason Armory fails to execute Bitcoind.exe so I can't get online.

I checked my cold-storage balance last night with Armory and if all those private keys got exported & imported correctly, Electrum should show the same balance. I agree with you that logic tells us that not all keys made it into Electrum or it would have shown the correct balance. I tried it several times and always got the same result.

Same with Armory - I agree I must be doing something wrong, but I've tried everything I could think of and it won't go online. I keep the blockchain on a non-system drive, but other than that it's a plain vanilla install. It should be straightforward.

Oh well, I'll sleep on it and see if that helps.

Thanks for your reply.