After some email exchanges with Wirt, I thought I was pass along the solution.

1) I needed to reinstall QCTerm
2) It HAS to reside in C:\Aics.  For some reason it worked fine on Win 98 in C:\QCTerm\Aics but with NT it does not.

  Once Wirt suggested these two avenues, it fixed the problem and I am back up and running.

 Of course, thanks to Wirt and the fine application  :)