Can you post a screen shot?
1) Go to C:\Program Files\Holdem Manager 2 (Program Files (x86) for the 64bit version)
2) Right click the HoldemManager.exe and choose "Properties".
3) Go to the Compatibility Tab and select "Run this program as an Administrator".
4) Repeat Steps 2 and 3 for HudFuncsApp.exe
If that doesnt help see if this helps:
1. Go to C:\Program Files\PostgreSQL\8.x\data, move the the pg_hba file to your Desktop and open it with notepad.
2. Scroll to the bottom and change all md5 to trust. Save and close the file
3. Move the file back to the data folder
4. Restart the PostgreSQL service: Control Panel -> Administrative Tools -> Services
HM will accept any password now.