Run-shell-command problem on Windows

I have a problem using run-shell-command on Windows if I use the full
path to the executable. 

The following, (excl:run-shell-command "C:\\Program Files\\Internet
Explorer\\iexplore.exe" :wait nil) will run properly. If I make a copy
of iexplore and I put it into a subdirectory of  "C:\\Documents and
Settings" then I have a problem. For example,  (excl:run-shell-command
"C:\\Documents and Settings\\wattojd\\My Documents\\bin\\iexplore.exe"
:wait nil) will get the error: "No such file or directory". If I put a
copy of iexplore in other directories it works fine. I think the spaces
in "Documents and Settings" is causing confusion.

Is there a way anyone knows around this problem? It became an issue for
me because I have a tendency to put stuff in a subdirectory of
"C:\\Documents and Settings".

Many Thanks
John Watton