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Exactly 87 scope reservations in Microsoft DHCP Server will cause this problem.
It happened to us twice. 

You may receive a "Snap-in Failed to Initialize" error message when
you try to view DHCP scope reservations on a Windows Server 2003-based DHCP server

Consider the following scenario. You have a Microsoft Windows Server 2003-based Dynamic
Host Configuration Protocol (DHCP) server. On the DHCP server, you have a DHCP scope
that has 87 reservations. When you try to view the reservations on this scope, you
may receive the following error message:

Snap-in Failed to Initialize

Also, when you use the DHCP management console to connect to the DHCP server, either
locally or from another computer, the following error message is displayed in the
right pane of the console:

The DHCP server you specified cannot be located. The DHCP server might be down, there
might be network problems, or the DHCP service might not be installed. The error was:
The parameter is incorrect.

Source: You may receive
a “Snap-in Failed to Initialize” error message when you try to view DHCP scope reservations
on a Windows Server 2003-based DHCP server

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