starting lisp in emacs- mlisp file not found

Dear Friends of Allegro Cl,
   I can't seem to get emacs to start up Lisp. Can you help me out?

I  installed Allegro CL 7 on Mandrake 10 Linux. It runs from the command line. I can't get it to run from Gnu Emacs. I enter the fi:common-lisp command in the mini buffer. I get the prompts for buffer, host etc. 

But after i have entered all the information it says ,"Searching for program: no such file or directory, mlisp".  

I get the default buffer as *common-lisp*, I accept  localhost as the host which is there by default already and is in the Export command for host. I enter "/usr/local/acl70" as the Process directory which is the directory i use for starting Allegro CL 7 from the shell.It does start from the shell with this path.   It is where the Allegro CL 7 directions give as the common place to install the program files.  I give mlisp as the executabl. I give no image arguments and path for the .dxl file is the same as the directory path. I have added the line in the .emacs file in my home directory as per instructions for the Gnu Emacs.
That is: (load "/usr/local/acl70/eli/fi-site-init") 
	I continue to get the message that the mlisp file is not found. "Searching for program: no such file or directory, mlisp"
	The Owner of the mlisp file is root but permission is given for others to read/write/execute. Is this a permission problem?
	Changed ownership to my user and still no mlisp file found
	This seems to be a path problem, i am not entering the path correctly.

	Can you give me any ideas where to go from here to rectify this? 
	Thank you very much, Markandeya