See http://forums.gentoo.org/viewtopic.php?t=57754 for background info.
The livecd-ng script references versions of BusyBox and Cloop which aren't
available and the versions are hard-coded in the script. These variables need
to be factored out into the gentoo-basic or custom profile somehow. BusyBox is
incorrectly referenced as a bz2 archive when it should be a tar.gz. Also, the
default emerge livecd-ng should included a dependency on Busbox, Syslinux and
Cloop to ensure that theses are installed in the /etc/livecd-ng/archives
directory automatically when livecd-ng is emerged.
The cloop specific issue is addressed in the seperate existing bug, number:
Steps to Reproduce:
1. run emerge livecd-ng
2. set gentoo-basic profile settings
3. run livcd-ng gentoo-basic fetch build initrd clean cloop isogen umount
4. view script warning/error messages which appear for Busybox/Syslinux
The livcd-ng script failed with errors relating to missing/incorrect BusyBox,
Cloop and Syslinux references.
Generated the ISO image with no errors.
Machine: Dell Latitude C640 Laptop - fairly standard and upto-date Gentoo
based system with KDE.