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If all licenses are reserved using the option (OPT) file or in use you might get this message when starting for example AutoCAD 2009:
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AutoCAD 2009 License Alert
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A valid license could not be obtained by the network license manager. Try again. If you are still unable to access a license, contact your system administrator.
Error [1.5.-18]
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OK
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Looking at the FLEXnet debug log file no denial is listed.
I expect the message to be more clearer and that a row in the debug file be added.
This problem started with the 10.2 version I think and still exist in the 11.4.1 version. Macrovision and Autodesk are aware of the problem so hopefully a solution is coming.
