Problem:
"File or assembly name MicroFocus.COBOL.Runtime, or one of its dependencies, was not found."
The "all06n40.exe" WrapPack had been applied to the Net EXpress 4.0 development system used to create the application programs being executed.
Resolution:
The "aps08a40.exe" Service Pack for Net Express 4.0 Application Server and the "SRN89N40.EXE" Service Pack for Net Express with .NET Applicaition server had not been applied to the base installations of Net Express 4.0 Application Server and Net Express with .NET Application Server.
Applying the Service Packs "aps08a40.exe" and "SRN89N40.EXE" to the Application Server installations on the server eliminated ther error.