I recently upgraded to:
T-bird 18.104.22.168 Portable.
I am not entirely sure whether this is a T-Bird problem or not, but it started after upgrading to the newest T-Bird Portable.
I have all the above on my USB flash drive.
OpenPGP preferences point to GnuPG in k:\gnupg\gpg.exe
Key manager will not see my keys on k:\ instead it is creating a new keyset in C:\Documents and Settings\Owner\Application Data\gnupg
I did not have this problem with previous releases.