Windows Server Backup: Error code 2155347997 (Wbadmin)
Issue
You try to run wbadmin and you get a direct fail with error code 2155347997. vssadmin list providers and vssadmin list writers return no error.
Resolution
As strange as it seems, try wbadmin without any FAT32 volumes at first (like an OEM's partition). If it runs then try to transfer it to NTFS.
Credit
The solution is from this thread and it worked good today.
http://social.technet.microsoft.com/Forums/uk/windowsbackup/thread/505c8165-0c0f-430d-996c-ca251e1a8024