Bug in HP Agents 8.70 causes HP DL580 G7 running ESX to reboot on PSU failure [SOLVED]

We discovered a bug in HP Agents 8.70 installed on ESX 4.1 running on HP ProLiant DL580 G7 servers.

 

Those machines come equipped with 4 PSUs.  When the power is lost of 2 PSUs at the same time, a reboot is triggered by the HP Agents.  This causes all VMs on that host to crash (HA will restart them on another host if configured properly).  This reboot makes no sense as the system is perfectly capable of running on 2 PSUs.