TM can't be opened... except when it can(?!)

I'm trying to set up a project on GroupShare 2011 for a translator using Studio 2014.  The project includes a server-based translation memory.

When the translator tries to check out and open a project file, SDL Studio shows the message:

"The translation provider <TM name> could not be opened and has been disabled."

And true to its word SDL Studio disables the TM in the Project settings and the translator can't access the TM from the Editor screen.

However, from the Translation Memories screen, the translator can manually open the exact same TM (Open > Open Server-based Translation Memory) and search, edit, delete, TUs with no problem.

What's preventing the TM from working within the editor?