Unable to Launch SCVMM 2012 Console

I was planning to continue on my 70-247 exam preparation tonight, but I couldn’t launch VMM 2012 console from any computers in my lab. So things didn’t turn out as planned. Lucky I’ve figured out the issue now after 4 hours troubleshooting. It’s just passed midnight, still one hour until my bed time, so I thought I’ll quickly document the issue. When I tried to launch VMM using an account with Full Administrator rights, the console got stuck on below screen during load and would not go any further: I also found out if I use an account which is

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