kernel panic - not syncing ???

[Mike Schleif <mike@helices.org>]

amd64 server will not complete boot, regardless which kernel from grub menu

google hit on memory; but, that does not appear to be the case, after 
swapping memory

last 20+ lines of boot messages:


...
device-mapper:ioctl:4.7.0-ioctl(2006-06-24) initialised: dm-devel@redhat.com
 12 logical volume(s) in volume group "erda" now active
 12 logical volume(s) in volume group "erda" now active
Done.
Begin: Running /scripts/local-premount
kinit: name_to_dev_t(/dev/mapper/erda-swap_1) = dm-3(254,3)
kinit: trying to resume from /dev/mapper/erda-swap_1
Attempting manual resume
kinit: No resume image, doing normal boot...
Done.
kjournald starting. Commit interval 5 seconds.
EXT3-fs: mounted filesystem with ordered data mode.
Begin: Running /scripts/local-bottom ...
Done.
Done.
Begin: Running /scripts/init-bottom ...
Done.
run-init: /sbin/init: Permission denied
kernel panic - not syncing: Attempted to kill init!



What am I missing?

Best Regards,

~Mike