Liveupdate proxy settings no longer accessible after upgrade to 10.7.4, which prevents administrators from removing or changing the proxy configuration.
The ability to configure a proxy for liveupdate was removed from the product in version 10.7.4.
If a liveupdate proxy configuration existed prior to upgrade, it was not removed from the config file.
SMG 10.7.4
Upgrading to version 10.7.5 will remove any existing proxy configuration settings from the liveupdate config.