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This appears to be the same problem here: http://forums.textpad.com/viewtopic.php?p=29441#29441

Check to see if you have a license key in HKU\.DEFAULT before you delete your HKCU key.

This is probably too late, but just in case anyone else is having the same issues. Textpad 5.0.3, not sure about other versions, will check the HKCU registry settings.

[HKEY_CURRENT_USER\SOFTWARE\Helios\TextPad 5]
"Initialized"

If that key is not found it will create the HKCU registry settings ...