SPSecurity.RunWithElevatedPrivileges Error

Has anyone seen an error just creating the SPSecurity.RunWithElevatedPrivileges.  Before the code inside the delegate runs the instantiation of the SPSecurity.RunWithElevatedPrivileges creates an error "Cannot Complete this action" 

Stack Trace

System.Runtime.InteropServices.COMException: Cannot complete this action. Please try again., StackTrace:
at Microsoft.SharePoint.SPSecurity.GetCurrentUserTokenNoApplicationPrincipalDelegated(IIdentity& identity)
at Microsoft.SharePoint.SPSecurity.GetCurrentUserToken(IIdentity& identity)
at Microsoft.SharePoint.SPSecurity.EnsureOriginatingUserToken()
at Microsoft.SharePoint.SPSecurity.RunWithElevatedPrivileges(WaitCallback secureCode, Object param)
at Microsoft.SharePoint.SPSecurity.RunWithElevatedPrivileges(CodeToRunElevated secureCode)
at System.Web.HttpApplication.SyncEventExecutionStep.System.Web.HttpApplication.IExecutionStep.Execute()
at System.Web.HttpApplication.ExecuteStepImpl(IExecutionStep step)
at System.Web.HttpApplication.ExecuteStep(IExecutionStep step, Boolean& completedSynchronously)
at System.Web.HttpApplication.PipelineStepManager.ResumeSteps(Exception error)
at System.Web.HttpApplication.BeginProcessRequestNotification(HttpContext context, AsyncCallback cb)
at System.Web.HttpRuntime.ProcessRequestNotificationPrivate(IIS7WorkerRequest wr, HttpContext context)
at System.Web.Hosting.PipelineRuntime.ProcessRequestNotificationHelper(IntPtr rootedObjectsPointer, IntPtr nativeRequestContext, IntPtr moduleData, Int32 flags)
at System.Web.Hosting.PipelineRuntime.ProcessRequestNotification(IntPtr rootedObjectsPointer, IntPtr nativeRequestContext, IntPtr moduleData, Int32 flags)
at System.Web.Hosting.UnsafeIISMethods.MgdIndicateCompletion(IntPtr pHandler, RequestNotificationStatus& notificationStatus)
at System.Web.Hosting.UnsafeIISMethods.MgdIndicateCompletion(IntPtr pHandler, RequestNotificationStatus& notificationStatus)
at System.Web.Hosting.PipelineRuntime.ProcessRequestNotificationHelper(IntPtr rootedObjectsPointer, IntPtr nativeRequestContext, IntPtr moduleData, Int32 flags)
at System.Web.Hosting.PipelineRuntime.ProcessRequestNotification(IntPtr rootedObjectsPointer, IntPtr nativeRequestContext, IntPtr moduleData, Int32 flags)