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We received and email today from cobra announcing an update to mmos this seems to correct some issues and adds a few new features.
Quoted:

Hello!

04.03.01 (20120604)

* Added option to mmOS context menu: [Paste as Link] to create shadow copy of one folder copied to Clipboard
* Added ability to create desktop shortcuts to devices (hdd, usb, ms, cf, sdhc)

* Added free space information for devices when browsing PS3 Root
* Added information to the window status bar about selected entries and their size
* Added "Home" menu with options to Enable Direct Disc Access Mode, to Restart/Quit to XMB, to Restart/Shutdown PS3
* Added key-combo "SELECT+TRIANGLE" to minimize current window (holding the combo will minimize all
windows) (press or hold [SQUARE] to switch/restore)
* Fixed issue with loading Blu-ray movies in ISO format which contain jacket images in BDMV/META/DL folder (introduced in 04.02.04)
* FTP Service: For best performance use ACTIVE mode and 2 concurrent file transfers
* Improved loading of PSX games burned to CD (no eject/insert procedure)

Recorded non-PSX CD/DVD/DVD-Video discs:
- No need to enable Direct Disc Access Mode *if disc is inserted while mM is running* (for best results insert the disc after mM is loaded)
- It allows users easier access to content on recorded discs (video/music/pictures/data) in mM and spawned applications (Showtime)

Download: mmCM ver 04.03.01 BASE (20120604).rar

Cobra USB

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