I'll just add an observation I think is related:
On my powerpc system I have to load both the RTC driver (genrtc) and the ethernet driver (bmac) from /etc/modules. The network connection is set up by DHCP.
If UTC=no genrtc has to be loaded BEFORE bmac to get a network connection. If UTC=yes the order does not matter.
It seems that the RTC driver has to be loaded before dhclient if UTC=no.
I'll just add an observation I think is related:
On my powerpc system I have to load both the RTC driver (genrtc) and the ethernet driver (bmac) from /etc/modules. The network connection is set up by DHCP.
If UTC=no genrtc has to be loaded BEFORE bmac to get a network connection. If UTC=yes the order does not matter.
It seems that the RTC driver has to be loaded before dhclient if UTC=no.