This bu affects me too.

Issue comes just after a fresh net-install of Ubuntu Precise Pangolin
PowerPC.

Since is a fresh install and i even doesn't get the login terminal,
don't know how to check /dev/ptmx perms.

I'm running a custom 2.6.38.8 kernel, no rd and i do have support for
PTYs, also multiple instances of pts.

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https://bugs.launchpad.net/bugs/936667

Title:
  init(4): no available ptys stops boot

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