I've experienced same issue. The steps outlined here solved the issue
and I was able to continue the upgrade from lucid to precise:
https://lists.ubuntu.com/archives/ubuntu-
users/2012-September/263773.html

For an i386 installation, the Python packages I used are:
https://launchpad.net/ubuntu/precise/i386/python2.7/2.7.3-0ubuntu3
https://launchpad.net/ubuntu/precise/i386/python2.7-minimal/2.7.3-0ubuntu3

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https://bugs.launchpad.net/bugs/990740

Title:
  upgrading from lucid to precise fails

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