linux 2.4.18 fails to load static /bin/init

I noticed this problem when trying to boot 2.4.18 on a Netra t1 200. Basically what will happen is the kernel will mount / read-only, then try to load /sbin/init, at which point it hangs. If I a dynamically linked wrapper around /sbin/init then all is happy and the system boots fine.

Any ideas or clues?