I was having the exact issue as #63. The comment in #49 fixed it. My new
/etc/apt/sources.list (with comments left out for brevity):

deb http://archive.ubuntu.com/ubuntu/ jaunty main restricted universe multiverse
deb-src http://archive.ubuntu.com/ubuntu/ jaunty main restricted universe 
multiverse
deb http://archive.ubuntu.com/ubuntu/ jaunty-updates main restricted multiverse 
universe
deb-src http://archive.ubuntu.com/ubuntu/ jaunty-updates main restricted 
multiverse universe
deb http://archive.ubuntu.com/ubuntu/ jaunty-security main restricted universe 
multiverse
deb-src http://archive.ubuntu.com/ubuntu/ jaunty-security main restricted 
universe multiverse

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apt-get update failing with bad signature.
https://bugs.launchpad.net/bugs/24234
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