Binders (which are a form of administered shortcuts) were supported only with the Enterprise Guide repository, and not SAS metadata server.
EG 4.2 does not work with the Enterprise Guide repository. You can use EG 4.2 with local SAS (no repository) or by connecting to a SAS 9.2 metadata server.
You can navigate the SAS server file system by going to View->Server List, select the server you want and expand it, then expand into Files.
Chris