PANIC: exit - cannot exec /etc/init (PID 1), status 0*00000200.

hi all
when ever i power on my sco server it give me the message:PANIC: exit - cannot exec /etc/init (PID 1), status 0*00000200. its not booting. any help??

I get "Panic: exit cannot execute /etc/init pid1 status 0x00000200" when I boot from my generic emergency boot and root floppies on OpenServer 5.0.5.