That's probably because the edgy initrd binary cannot handle 2.4 style initrds anymore.
** Changed in: kernel-image-2.4.27-i386 (Ubuntu)
Sourcepackagename: kernel-image-2.4.27-i386 => initrd-tools
Status: Unconfirmed => Confirmed
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The kernel does not boot
https://launchpad.net/bugs/63711
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