I found my answer. The cdo.dll was located in another place on the root of the C: drive. After running the CDO patch from MS it copy's the file in one location meanwhile the CDO file that the system was viewing was in another place.
I copied the CDO.dll to the other folder and registered the file there. So now the file is located in at least two places.
MY server location C:\exchsvr\bin
MS install location C:\program files\exchsvr\bin
It was now works