Syslinux - Jun 2003 - "Invalid or corrupt kernel image" when loading with memdisk

I am running 2.04 of syslinux (memdisk). 

I have a PXE server in which I have two kernels I can boot. One is a typical
linux boot (which works correctly),
the other is trying to run memdisk, passing a DOS flopply image filename as
initrd.

The memdisk kernel always gives me "Invalid or corrupt kernel image". 

I have tried this with 2 or 3 different versions of memdisk.

Whatever I have for the initrd file (valid, invalid, missing, etc.) seems to
have no affect.

Removing the memdisk file, does in fact yeild a different message (kermel not
found, or something like that).

Is there a step here I am missing?


Thanks,

Brad Goodman