We searched for...
HTC, aceshigh.exe, aceshigh, aces, ah, and ahss
and found nothing except the current folder that has nothing in the way of even the auto-generated things like the Squads folder.
To me, it seems the folder being Read-Only is keeping the game from changing its own folder, however just unchecking (un...squaring?) the box and letting it do its thing still doesn't make the folders stop being Read-Only.