Comment 1 for bug 1480248

I can confirm this, here is the output I see:
"""
reading b/vmlinuz
6517632 bytes read in 382 ms (16.3 MiB/s)
reading b/initrd.img
0 bytes read in 5 ms (0 Bytes/s)
reading b/dtbs/am335x-boneblack.dtb
30025 bytes read in 13 ms (2.2 MiB/s)
Kernel image @ 0x82000000 [ 0x000000 - 0x637380 ]
## Flattened Device Tree blob at 88000000
   Booting using the fdt blob at 0x88000000
   Loading Ramdisk to 90000000, end 90000000 ... OK
   Loading Device Tree to 8fff5000, end 8ffff548 ... OK

Starting kernel ...
...
[ 1.664150] sr_init: platform driver register failed for SR
[ 1.675159] ALSA device list:
[ 1.678350] No soundcards found.
[ 1.682530] md: Waiting for all devices to be available before autodetect
[ 1.689717] md: If you don't use raid, use raid=noautodetect
[ 1.696746] md: Autodetecting RAID arrays.
[ 1.701125] md: Scanned 0 and added 0 devices.
[ 1.705791] md: autorun ...
[ 1.708709] md: ... autorun DONE.
[ 1.712487] Waiting for root device /dev/disk/by-label/system-b...
""""
and then it hangs forever.

This looks like a kernel issue to me, i.e. it should error/panic on a invalid initrd.img.