This is an edit of the OP.
It appears there is some confusion as to what I'm talking about so I thought I'd clarify:
Actually, The Plugin Manager works. However, any presets changed or created in The Plugin Manager are not available within Sonar 8.53.
In Other Words, If I create a new PM preset and add say 10 plugs to it, save the preset, close (or not close) Sonar 8.53, Open Sonar, select the preset in Track or console view, Try to insert a plug in, there are no plugins available. (I will add that old directx plugs do appear just not VST.)
PM presets (and plugs) created before the splat install are still available (track/folder views) but can not be edited/changed.
Very frustrating.