initdb crashing, signal 5, etc

Had success with a snapshot from last week. Today's snapshot crashes
several times during initdb. As soon as "selecting default
max_connections" appears, postgres.exe crashes ("postgres.exe has
encountered a problem and needs to close."). After closing 6 of those
"10" appears and it continues to "selecting default shared_buffers".
11 crashes then "50" appears. It continues to the "No such file or
directory" error and postgres.exe crashes once, then the signal 5
message appears. Full initdb output is below.

Observations: During the crashes, postgresql.conf is created, but
remains 0 bytes. Cacls reports my "postgres" user has full access to
the entire c:\dev\pgsql tree, including the data dir, postgresql.conf
(after it has been created), and c:\dev\pgsql\share\timezone, which
certainly exists (note: NOT "/shared/timezone" necessarily), etc.

C:\dev\pgsql\data>initdb -d -L "c:/dev/pgsql/share"
Running in debug mode.
VERSION=7.5devel
PGDATA=C:/dev/pgsql/data
share_path=c:/dev/pgsql/share
PGPATH=C:/dev/pgsql/bin
ENCODING=
ENCODINGID=0
POSTGRES_SUPERUSERNAME=postgres
POSTGRES_BKI=c:/dev/pgsql/share/postgres.bki
POSTGRES_DESCR=c:/dev/pgsql/share/postgres.description
POSTGRESQL_CONF_SAMPLE=c:/dev/pgsql/share/postgresql.conf.sample
PG_HBA_SAMPLE=c:/dev/pgsql/share/pg_hba.conf.sample
PG_IDENT_SAMPLE=c:/dev/pgsql/share/pg_ident.conf.sample
The files belonging to this database system will be owned by user "postgres".
This user must also own the server process.

The database cluster will be initialized with locale English_United States.1252.

fixing permissions on existing directory C:/dev/pgsql/data ... ok
creating directory C:/dev/pgsql/data/global ... ok
creating directory C:/dev/pgsql/data/pg_xlog ... ok
creating directory C:/dev/pgsql/data/pg_clog ... ok
creating directory C:/dev/pgsql/data/pg_subtrans ... ok
creating directory C:/dev/pgsql/data/base ... ok
creating directory C:/dev/pgsql/data/base/1 ... ok
creating directory C:/dev/pgsql/data/pg_tblspc ... ok
selecting default max_connections ... 10
selecting default shared_buffers ... 50
creating configuration files ... ok
creating template1 database in C:/dev/pgsql/data/base/1 ... LOG: could not open
directory "/share/timezone": No such file or directory
child process was terminated by signal 5
initdb: failed
initdb: removing contents of data directory "C:/dev/pgsql/data"
Deleted file - C:\dev\pgsql\data\pg_hba.conf
Deleted file - C:\dev\pgsql\data\pg_ident.conf
Deleted file - C:\dev\pgsql\data\PG_VERSION
Deleted file - C:\dev\pgsql\data\postgresql.conf