Index: main/channel.c
===================================================================
--- main/channel.c	(revision 258775)
+++ main/channel.c	(working copy)
@@ -4935,8 +4935,8 @@
 		ast_log(LOG_WARNING, "%s is already going to masquerade as %s\n",
 			clonechan->name, clonechan->masqr->name);
 	} else {
-		original->masq = clonechan;
-		clonechan->masqr = original;
+		original->masq = ast_channel_ref(clonechan);
+		clonechan->masqr = ast_channel_ref(original);
 		ast_queue_frame(original, &ast_null_frame);
 		ast_queue_frame(clonechan, &ast_null_frame);
 		ast_debug(1, "Done planning to masquerade channel %s into the structure of %s\n", clonechan->name, original->name);
@@ -5282,7 +5282,7 @@
 		CHANNEL_DEADLOCK_AVOIDANCE(original);
 	}
 
-	/* clear the masquerade channels */
+	/* clear the masquerade channels - we inherit the references */
 	original->masq = NULL;
 	clonechan->masqr = NULL;
 
@@ -5556,9 +5556,14 @@
 		ast_channel_unlock(clonechan);
 		ao2_link(channels, clonechan);
 		ao2_link(channels, original);
+		/* Dispose of the reference inherited from masq/masqr */
+		ast_channel_unref(clonechan);
+		ast_channel_unref(original);
 	} else {
 		ast_channel_unlock(original);
 		ao2_link(channels, original);
+		/* Dispose of the reference inherited from masq/masqr */
+		ast_channel_unref(original);
 	}
 	return 0;
 }