Isn't this duplicate of bug 1012946 ?
Can you please try parted from precise-proposed as per instructions in:
https://bugs.launchpad.net/ubuntu/+source/parted/+bug/1012946/comments/11

and comment here or on the bug 1012946.

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https://bugs.launchpad.net/bugs/1029889

Title:
  LVM Based KVM VM taking 100% CPU on first start and hangs.

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