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Hey team - I'd guess most folks aren't able to access the "update" via their outlook software if it's FIRST requiring activitation (that we can't do).
That said ... I was finally able to deactivate, and completely uninstall my previous copy - and successfully reinstall office 365 locally - with 15.16 (151105) - and YES ... it does appear to have finally fixed the issue. I even took my machine offline several times just to check - and had no problems.
Thank you for sticking with this ... it was definitely becoming a significant problem. No more of those Microsoft ;o) ;o)