No, it wont hurt the mobo at all. Picture it this way... How do you turn off a locked up atx machine? Hold down the power for 5 seconds. So, what is happening in your case is that the machine is powering up, seeing that the switch is depressed ..1...2...3...4...5... turn off. Wire it to your reset switch or get a momentary that you can put in its place. You might be able to glue it behind and use the existing button even.
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MeltMan
Lurker Supreme!
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