I faced the exact same issue of backup exec locking up and the message "There are two administrators logged into the media server. Another administrator may be making changes." After deleting the key and reconfiguring notification properties the message no longer appears. The deleted...
Stop all backupexec services. Delete the following key from the registry: HKEY_LOCAL_MACHINE/SOFTWARE/VERITAS/ALERT SERVER/CONFIGURED EVENTS. Restart services and reconfigure your notification setup.
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