[syslinux] Switchroot: mount failed: 22, Kernel panic - not syncing: Attempted tp kill init!

[Kosolapov Dmitry]

Yes It was written in a single line.

Now I've made new kernel at the client machine and transfered it over 
FTP to the server. It worked.
My pxelinux.cfg/default:
LABEL linux
   KERNEL bzImage
   APPEND root=/dev/nfs ip=dhcp

And I get:
Warning: Unable to open an initial console
And system halts.
Before this message I view my root fs system is mounted in read only 
mode (despite my exports file allows to mount root fs in rw mode!).

One note. Kernel was configured with modules (otherwise it won't load 
over tftp - it's feature!), but I didn't do "make modules". transered 
only bzImage to the server.

After halting I've tried to load the kernel at client locally and got 
our old error :)

switchroot: mount failed: 22
Kernel panic - not syncing: Attempted to kill init!

It seems to me, there is only kernel problem here. What do you think 
about it?