I found this creating my initrd for the Promise SX6000 Controller, I'm running on a Vanilla 2.4.27 kernel, and a fresh Stage1 install of Gentoo 2004.2 I just emerged the latest "mkinitrd" version 3.5.7-r2 from the portage, and created a initrd, when booting with this initrd, I get a kernel panic, since it cannot mount it's root device. Before the panic, it says "Kernel requires old insmod, but couldn't run /bin/insmod.old: No such file or directory". I searched the internet using google, which lead me to a Red Hat bug report: http://bugzilla.redhat.com/bugzilla/show_bug.cgi?id=80119 Quite old though, I manually patched the freshly emerged version of mkinitrd, created a new initrd, booted and all was good. I suggest this patch gets applied to the current mkinitrd version residing in the portage.
4.2.0.3 now in portage