This is caused by UAC on the DLO Admin Server where the user does not have permission to create the needed registry key when the DLO Console is launched.

To resolve this issue create the following registry key on the DLO Admin Server.

Run Regedit and browse to:
HKEY_LOCAL_MACHINE\SOFTWARE\Veritas\Veritas DLO\AdminConsole

Create a new String Value called "MostRecentMediaServer" (no quotes).

Double Click on the new key and in the Value Data enter the name of your DLO Admin Server (Figure1), then launch the DLO Console to verify the results.

Figure1