I have told you all, in previous posts, that I will take a look why this file blocks whole LW. I have found answers, or not, on Alcohol Forums.
Here is the link to Official Alcohol Support Forum and part of it where you can read all about this issue and problem we are having here:
Same problem as in the thread thats closed.... - Alcohol Support Forum
Now, as I can see, those guys from Alcohol don't like LW so much. But onto the subject. The answer on why AXShlEx.dll blocks LW is - the last post on this thread mention above and thats:
You will see that for yourself, on page 2. Its something about Borland compilers. So... All we have to do is to wait and see if those programmers can make something out of this.
One suggestion to LW customer support: As those guys from Azureus development (you can see their post in the link above), please contact Alcohol Software about this issue. It can't hurt
Thank you

Edit:
I saw this forum thread, that I have posted in the link above, was closed in June. I guess there have to be an answer somewhere :P So, I am onto searching again.