When I installed the oneiric backports kernel, the VM booted just fine.
So a workaround here is:
sudo apt-get install linux-image-server-lts-backport-oneiric
** Also affects: linux (Ubuntu)
Importance: Undecided
Status: New
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https://bugs.launchpad.net/bugs/1047531
Title:
Ubuntu 12.04 (Precise) guests can't boot on Ubuntu 10.04 (Lucid) QEMU-
KVM host
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