What are phantom links?
A Phantom link is a link which does not exist and hence can not be updated. Most of the phantom links arise when someone sends you a workbook which is linked to other workbooks to which you do not have access. It's called a phantom link ‘cos the reference does not exist and hence can not be updated.
It will also arise when you change file name of one of the linked workbooks. The file which contained link can not find the old file name, making the link phantom. In such case excel prompts you to update the link.
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