DBBurnsIN
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I get the same ERROR after launching Server Manager On Server 2008R2 I removed the .net framework all together and rebooted. Problem persists.
I had this question after viewing Microsoft Management Console has stopped working.
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Best solution provided. I dad same problem in my environment and after removing KB 2449742 is causing this issue all problems gone. No more other questions from author.
I suspect you'll need to start by re-install the .NET Framework 3.5 through the operating system, reboot.
Then apply all the accumulated .NET patches from Windows Updates.