Can you show us the output of Get-MailboxFolderPermission for that entry? In particular, the properties of the User object, for example:
Get-MailboxFolderPermission user:\calendar | Select -ExpandProperty User
If the UserType value returned therein does not show "Internal", Exchange has no knowledge of the corresponding security principal, and using the GUID value will result in an error similar to the above.
If you do see non-null RecipientPrincipal object returned, you can use identifiers therein to reference the user.