Troubles with Postmaster on XP

Running:

Win-XP
cygwin - 1.3.22-1
postgresql - 7.3.4-1
cygipc - 1.14-1

Install process worked fine. No problem running cyg-ipc or initdb. But any
attempt to:

postmaster -i -D /usr/local/pgsql/data &

fails with the following message:

IpcSemaphoreInitialize: semctl(id=2, 0, SETVAL, 0) failed: Invalid argument
LOG: startup process (pid 2472) exited with exit code 1
LOG: aborting startup due to startup process failure

-------------
Note: This message is only intended for the use of the individual or entity to which it is addressed and may contain information that is privileged, confidential and exempt from disclosure. If the reader of this message is not the intended recipient, or an employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us by telephone (604-888-2079) or electronically by return message, and delete or destroy all copies of this communication. Thank you.