Startup: "Spring WebApplicationContext" error if user running Stash has less than Write permissions on STASH_HOME

On Win7:

• Configure STASH_HOME as "c:\Test"
• Create a directory "C:\Test"
• Clear all permissions and grant all to user "A" (admin)
• Create another user "B" (that is also an admin)
• Launch a new command prompt with "run as user B"
• Run start-stash.bat

Expected:
Stash Home [<STASH_HOME>] exists but is not readable by Stash

Actual
The Spring WebApplicationContext could not be started

Note:

• The same error is reported if user "B" is granted "Read", "List folder contents" and "Read & execute" on STASH_HOME directory.
• Note that the error does not mention what was the STASH_HOME directory, nor a link to help.