The much loved Odd Couple of Master Account Sid and Associated External Account.
To really understand MAS, you need to talk to Larry
http://blogs.msdn.com/larryosterman, ask him to explain: MAS, Associated External Accounts, SID, DACL, SACL, and ACL. :)See also Larry's blog
http://blogs.msdn.com/exchange/archive/2004/03/17/91454.aspx for a start on this subject.
I'd have to look at your eventlog more to really tell what happened, but check out
http://support.microsoft.com/default.aspx?scid=kb;en-us;326990 ,and see if that helps to fix it.
In a nutshell, a security attribute we expected to be on an object is missing. Bad Things can happen as a result. Go and find the object, and set something as the associated external account.