On my Asus K7M (Athlon) motherboard, "gentoo-sources-2.4.19-r7" kernel fails to poweroff with AM properly. Instead, the systems hangs. Replacing arch/i386/kernel/apm.c with the file from the Redhat kernel fixes that problem (for unknown reason).
try mjc-sources and report back... if that fails, try 2.4.19-rc2-acX... if that fails, write linux-kernel@vger.kernel.org (linux kernel mailing list) and see what kind of response you get =) Generally though APM is pretty outdated.. try ACPI
Probably there is a different reason for the APM malfunction. (Alignment?) I could produce perfectly working results with a slightly changed kernel and an unpatched apm.c from the vanilla package now.