crash in setupldr.sys

I was attempting to startup the reactos installer with a cd, so I setup the following environment:

50MB Image

• Copied contents of bootcd-32823
• Installed Grub 0.97

qemu -hda harddisk.img -serial file:reactos-32823

got the grub screen
root (hd0,0)
kernel /loaders/setupldr.sys

I see it load a few drivers on the initial reactos setup, then crash where I would expect it to ask me to select a language.