Too many open files in system

I get this error after sending out a email to are list. The size of the list is 149271. Does someone know what is happening to create this error

I am running mailman ver 2.0.5 on a Ghz amd with 512 mem, using OS linux,GNU  kernel 2.2.19 ver  and MTA of Exim ver 3.12-10
Thanks
Rick

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