Here's the solution from http://support.microsoft.com/kb/2984972

Known issues with this security update

Symptoms
After you install this security update, virtualized applications in Microsoft 
Application Virtualization (App-V) versions 4.5, 4.6, and 5.0 may experience 
problems loading. When the problem occurs, you may receive an error message 
that resembles the following:
Launching MyApp 100%

Note In this error message, MyApp represents the name of the App-V application.

Depending on the scenario, the virtualized app may stop responding after it 
starts, or the app may not start at all.

Important This section, method, or task contains steps that tell you how to 
modify the registry. However, serious problems might occur if you modify the 
registry incorrectly. Therefore, make sure that you follow these steps 
carefully. For added protection, back up the registry before you modify it. 
Then, you can restore the registry if a problem occurs. For more information 
about how to back up and restore the registry, click the following article 
number to view the article in the Microsoft Knowledge Base:
322756 How to back up and restore the registry in Windows

Resolution
To resolve this known issue, configure the TermSrvReadyEvent registry entry on 
the computer where the Microsoft Application Virtualization Client is installed.

For Microsoft Application Virtualization 5.0
Registry Key: HKLM\Software\Microsoft\AppV\Subsystem\ObjExclusions
Value name: 93 (Or any unique value)
Type: REG_SZ
Data: TermSrvReadyEvent

Example
For example, type the following command at an elevated command prompt to add 
the entry to a system running Application Virtualization 5.0:
reg add HKLM\Software\Microsoft\AppV\Subsystem\ObjExclusions /v 93 /t REG_SZ /d 
TermSrvReadyEvent
For Microsoft Application Virtualization 4.6
For all supported x86-based systems

Registry Key: HKLM\SOFTWARE\Microsoft\SoftGrid\4.5\SystemGuard\ObjExclusions
Value name: 95 (Or any unique value)
Type: REG_SZ
Data: TermSrvReadyEvent

Example
For example, type the following command at an elevated command prompt to add 
the entry to an x86-based system running Application Virtualization 4.6:
reg add HKLM\SOFTWARE\Microsoft\SoftGrid\4.5\SystemGuard\ObjExclusions /v 95 /t 
REG_SZ /d TermSrvReadyEvent
For all supported x64-based systems

Registry Key: 
HKLM\SOFTWARE\Wow6432Node\Microsoft\SoftGrid\4.5\SystemGuard\ObjExclusions
Value name: 95 (Or any unique value)
Type: REG_SZ
Data: TermSrvReadyEvent

Example
For example, type the following command at an elevated command prompt to add 
the entry to an x64-based system running Application Virtualization 4.6:
reg add 
HKLM\SOFTWARE\Wow6432Node\Microsoft\SoftGrid\4.5\SystemGuard\ObjExclusions /v 
95 /t REG_SZ /d TermSrvReadyEvent

-----Original Message-----
From: [email protected] [mailto:[email protected]] On 
Behalf Of Stephen Murley
Sent: 20 October 2014 19:32
To: [email protected]
Subject: [mssms] RE: KB2984972 and App-V

Sorry, what did you say then?? I wasn't listening.


________________________________
From: [email protected] [[email protected]] on behalf 
of Michael Mott [[email protected]]
Sent: 20 October 2014 18:52
To: [email protected]
Subject: [mssms] RE: KB2984972 and App-V

So basically you don't listen.

From: [email protected] [mailto:[email protected]] On 
Behalf Of Stephen Murley
Sent: Monday, October 20, 2014 9:29 AM
To: [email protected]
Subject: [mssms] KB2984972 and App-V

Well, I'd read the media article but still didn't believe it as it went on and 
on about AutoCAD in App-V. Anyhow, yes, this update does botch App-V apps. I 
estimate 60% of our App-V apps stop working with this update installed.

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