BUG #8026: pgAdmin III FATAL: Cannot open the logfile!

The following bug has been logged on the website:

Bug reference:      8026
Logged by:          Jevgeni Virves
Email address:      jevgeni.virves@gmail.com
PostgreSQL version: 9.2.3
Operating system:   Windows 7 Professional, Servcie Pack 1
Description:        =


Installed whole PostgreSQL package on my PC (postgre 9.2.3, pgAdmin III
1.16.1), postgre itself seems to be running fine, but pgadmin throws on
startup the same error two times - "FATAL: Cannot open the logfile!" and
then just hangs. Main window is opened, and splash screen over it, but it's
all frozen solid and only thing you can do is to kill it all from task
manager.