Symptoms
K2 blackpearl Server does not start correctly
Diagnoses
Provided client with the following KB article to help with his 'could not set key access' error. http://help.k2.com/kb001571
We then saw the same error on another server, attempting the same fix didn't work. Had client disable the "Enable 32 bit Applications" setting in the App Pool settings in IIS.
Resolution
KB article was able to help client resolve his "could not set Key access" issue. He was able to access the Workspace web page and the server again once he changed the app pool settings.