Error: "The directory '.../Presets' could not be found" | Adobe Media Encoder

Media Encoder crashes with the following error:

The directory '/Users/%username%/Documents/Adobe/Adobe Media Encoder/8.0/Presets' could not be found.

This crash can occur under the following scenarios:

• Trying to open the New Preset dialog from the Preset panel, but the dialog doesn't open.
• Trying to encode a file, but encoding fails to start.
• Crash when you attempt to quit.

Solution: Back up custom presets and delete the Presets folder

1. Navigate to the /Users/%username%/Documents/Adobe/Adobe Media Encoder/8.0/Presets folder.
   
2. Temporarily move any presets in that folder to a new location. Only move the .EPR files. You delete the PresetTree.xml is file in the next step.
   
3. Delete the Presets folder.
   
4. Launch Adobe Media Encoder.
   
5. Close Adobe Media Encoder.
   
6. Return the .EPR files that you relocated in step 2 to their original location.
   
7. Launch Adobe Media Encoder.