I am using Ubuntu 20.10 also and I was getting the message:
winediag:SECUR32_initNTLMSP ntlm_auth was not found or is outdated. Make sure that ntlm_auth >= 3.0.25 is in your path...
I tried the solution of Gustavo Carreno by downloading, extracting and copying the 32 bit package and also removing it and trying with the 64 bit package, but I was still getting the same message.
After some trials I found the solution for my case which is given in the following steps:
$ wget http://dl.winehq.org/wine/wine-gecko/2.47.1/wine-gecko-2.47.1-x86_64.msi
$ wine msiexec /i wine-gecko-2.47.1-x86_64.msi
- The installation added the following directory underneath my home directory:
$ ls -l /home/_myuser_/.wine/drive_c/windows/system32/gecko/2.47.1/
- Now, Internet Explorer (when run using the
wine64 iexplore.exe command) displays the web pages correctly.