I've tried MOLK and the latest SVN one. Both MOLs are hanging after "starting ELF loader" (if I remember right). Both are CTRL+C breakable.
I have disabled everything in configs and tried to boot from CD. Things were the same.
I found some funny things about the subj. It boots into classic IF and ONLY IF tracing the loading in MOL debugger. If trying to run it in debugger MOL keeps deadlooping, but if tracing it using ALT-M it (not from 1st time, but from 2nd surely) starts classic.