After performing a fresh installation of the latest arcanist on ubuntu 14.04.1
The path was updated correctly to include ~/arcanist/arcanist/bin.
echo $PATH /usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/usr/games:/usr/local/games:/home/dev/arcanist/arcanist/bin
Ran the following to ensure proper permissions
sudo chown -R dev:dev ~/arcanist chmod 755 -R ~/arcanist
The error seen from running "arc" is ": No such file or directory"
The same error is seen when running the script ../scripts/arcanist.php directly.