Error: One or more layers failed to draw: The table was not found. [layer]
Converting labels to annotation returns:
One or more layers failed to draw:
The table was not found. [layer]
The Microsoft Jet database engine cannot find the input table or query '<layer>'. Make sure it exists and that its name is spelled correctly.
This occurs when converting labels to annotation during an edit session, and choosing not to save changes at the end of the session.
Solution or Workaround
Convert labels to annotation outside of an edit session or save edits after the conversion operation.