mystery solved: on 10.04 I had:

GRUB_CMDLINE_LINUX_DEFAULT="nolapic_timer nohz=off highres=off nosplash"

when VB was still more brittle wrt APIC emulation

replaced by
GRUB_CMDLINE_LINUX_DEFAULT="nosplash"

update-grub, reboot, works - with lousy latency, but with RTAI

-m

what should have given a clue was: 
10.04:
[   51.731109] RTAI[sched]: hard timer type/freq = APIC/0(Hz); default timing: 
periodic; linear timed lists.

8.04:
[  117.038945] RTAI[sched]: hard timer type/freq = 8254-PIT/1193180(Hz); 
default timing: periodic; linear timed lists.

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