Personal Menu's erratic, mine didn't work or show up on desktop for a week. I tried this just now:
Make a test file in leafpad, type a word & save just as testfile (no extension). Copy it to the tear-bookmarks folder. Change leafpad's entry in P-M from simply leafpad to:
leafpad /home/user/bookmarks/testfile

Space after leafpad. If it works your P-M's probably fine and uninstall / reinstall tear & tear-bookmark (losing boookmarks). If not working then a sys/repos/python file's corrupted but leave the tear-bookmarks entry in P-M for a few weeks and give it a try as things update or P-M sobers up.

- To check environmental variables including paths, in X-term type: set
- Also if the leafpad test worked then maybe try making a batch file in tear-bookmarks folder and call that from P-M instead of calling the py file

I bookmaked this for old time's sake:
file:///usr/share/browser/home_page/index.html


Oh what fun. Self acclaimed King Monkey:
http://www.youtube.com/watch?v=DjeL3IUcqfo&fmt=18