This happened to me a while ago and figured I would share with the community. I was happily creating management packs when all of a sudden I kept getting prompted with the following window.
The management pack name wasn’t always System.Library
No matter what I did I was unable to open the console, the only option was to quit. I logged on as another user and it worked fine. I knew this had to something to do with the Search Paths for references as the error occurred right after I added a reference. By leveraging PROCMON on my other user account I found that as I added a search path the References string key was added.
HKEY_CURRENT_USER\Software\Microsoft\Microsoft Operations Manager\3.0\Authoring\Settings
To resolve this error just delete the References key and relaunch the authoring console. In my situation it was the path c:\temp\managementpacks that caused the issue, by changing the names in the registry key to other strings it worked just fine.
Hope this helps someone else out there.