Sounds like you are running Vista and the films are actually stored in the special 'user' folder where Vista places files and folders when you are not the administrator for the computer.
The film viewer is accessing that 'special' user folder while you are navigating into the regular Aces High II folder using Explorer. At some time you must have either transferred files to the computer or created them while running the game as Administrator, wihch would aco bigtoe for why there is a 'film; folder at all in the game's normal installation path.
This is Microsoft's UAC (User Access Control) and virtualization technology in Vista doing all this for you.