I would like to add something to the opinion that openvz should fix this.
I agree that it should be fixed by openvz.
But many people are not in control of the openvz/ Virtuozzo installation, 
because they just have rent a virtual server. And as it worked before it should 
still work because else those affected people don't trust into the 
dependability of Ubuntu any more. And by the way, there are many fixes for bad 
hardware in the kernel, why shouldn't there be fixes in Ubuntu for bad virtual 
hardware.

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https://bugs.launchpad.net/bugs/880049

Title:
  100% CPU usage in init if /dev/console is not available

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