This file seems to be a directshow filter, at least by looking at the file name. Probably the GPU accelerated encoder. Unfortunately I cannot test it right now as I'm on an nvidia config now. But I do have a suggestion for a workaround.
1. Locate this file. It's probably in system32 or syswow64 but it can be elsewhere as well.
2. Once you have it, open an admin command prompt and type the following:
regsvr32 -u ((full path))\atiokax2.dll
Example: regsvr32 -u c:\windows\syswow64\atiokax2.dll
Then press enter.
3.If you get a message, that the dll was successfully unregistered, then it probably worked. Reboot.
PowerDirector should now open successfully, though you probably lose GPU accelerated encoding.
Note: to revert the whole thing (in case it succeeded), use the same command line without the -u.
PS: Bioshock 2 tip: Most likely a GFWL issue. Remove it, then download and install the latest one from the xbox live website. Also check if the stereo mix is enabled in your sound recording devices.
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