I've just done a clean install of 12.04 Beta 2 and got this problem after apt-get dist-upgrade.
I see exactly the same symptoms as James describes with the messed-up grub entries and kernel panic. My /usr/sbin/update-initramfs is also linked to /bin/true. I've worked around it by choosing the 3.2.0-20 kernel from the grub menu, then I removed the 3.2.0-23 series with Synaptic and ran update- grub. My laptop has kernel 3.2.0-22 and all looks OK: richard@calder:/boot$ ls -l /boot total 45204 -rw-r--r-- 1 root root 789425 Mar 27 18:22 abi-3.2.0-20-generic -rw-r--r-- 1 root root 791023 Apr 3 20:13 abi-3.2.0-22-generic -rw-r--r-- 1 root root 140211 Mar 27 18:22 config-3.2.0-20-generic -rw-r--r-- 1 root root 140279 Apr 3 20:13 config-3.2.0-22-generic drwxr-xr-x 3 root root 12288 Apr 10 12:23 grub -rw-r--r-- 1 root root 14159604 Apr 6 02:13 initrd.img-3.2.0-20-generic -rw-r--r-- 1 root root 14168869 Apr 11 17:12 initrd.img-3.2.0-22-generic -rw-r--r-- 1 root root 176764 Nov 27 10:00 memtest86+.bin -rw-r--r-- 1 root root 178944 Nov 27 10:00 memtest86+_multiboot.bin -rw------- 1 root root 2884032 Mar 27 18:22 System.map-3.2.0-20-generic -rw------- 1 root root 2884270 Apr 3 20:13 System.map-3.2.0-22-generic -rw------- 1 root root 4965584 Mar 27 18:22 vmlinuz-3.2.0-20-generic -rw------- 1 root root 4966000 Apr 3 20:13 vmlinuz-3.2.0-22-generic richard@calder:/boot$ ls -l /usr/sbin/update-initramfs -rwxr-xr-x 1 root root 9164 Sep 19 2011 /usr/sbin/update-initramfs -- You received this bug notification because you are a member of Ubuntu Bugs, which is subscribed to Ubuntu. https://bugs.launchpad.net/bugs/974765 Title: Drive not found since 3.2.0-21... kernel panic, unable to mount root fs To manage notifications about this bug go to: https://bugs.launchpad.net/ubuntu/+source/linux/+bug/974765/+subscriptions -- ubuntu-bugs mailing list ubuntu-bugs@lists.ubuntu.com https://lists.ubuntu.com/mailman/listinfo/ubuntu-bugs