ty for that bit of information, it was quite useful for creating a quick workaround. 
It seems that the two exe’s are executed by a call to win32process.CreateProcess(). python.exe was indeed the problem, it was very easy to see when I printed out the cmd_line and saw that the command used in win32process.CreateProcess() looks something like this: “python.exe pyconsole.py child 2386, cmd.exe”. From what I could gather, the script creates another instance of itself with passed arguements that in turn create the new instance as a child process which runs the console. (err something like that anyhow :P). Hence the problem, there is a call to python.exe which doesn’t exist after compiling.
I was able to find a temporary workaround by adding “console” = [“pyconsole.py”], to the setup.py and editing the cmd_line in pyconsole to point to the new “pyconsole.exe” file instead of “python.exe pyconsole.py”. eg: “pyconsole.exe child 2386 cmd.exe”
The temporary solution is a bit crude, but it works just the same and it saves me from having to create my own python console application for now. 
Thanks again for that bit of info, it was quite useful