I'm getting the same error. I'm trying to build this in OS X. Not the same environment, by any chance?
Here are my logs for catalina.out. Like you, it just hangs and hangs and runs up my CPU. Did you ever get this fixed? Would appreciate the help of course.
Jun 5, 2007 1:10:49 PM org.apache.catalina.core.AprLifecycleListener lifecycleEvent
INFO: The Apache Tomcat Native library which allows optimal performance in production environments was not found on the java.library.path: .:/Library/Java/Extensions:/System/Library/Java/Extensions:/usr/lib/java
Jun 5, 2007 1:10:49 PM org.apache.coyote.http11.Http11BaseProtocol init
INFO: Initializing Coyote HTTP/1.1 on http-8080
Jun 5, 2007 1:10:49 PM org.apache.coyote.http11.Http11BaseProtocol init
INFO: Initializing Coyote HTTP/1.1 on http-8082
Jun 5, 2007 1:10:49 PM org.apache.catalina.startup.Catalina load
INFO: Initialization processed in 1423 ms
Jun 5, 2007 1:10:49 PM org.apache.catalina.core.StandardService start
INFO: Starting service Catalina
Jun 5, 2007 1:10:49 PM org.apache.catalina.core.StandardEngine start
INFO: Starting Servlet Engine: Apache Tomcat/5.5.17
Jun 5, 2007 1:10:49 PM org.apache.catalina.core.StandardHost start
INFO: XML validation disabled
Jun 5, 2007 1:10:49 PM org.apache.catalina.realm.JAASRealm setUseContextClassLoader
INFO: Setting useContextClassLoader = false
log4j:WARN No appenders could be found for logger (org.apache.catalina.startup.TldConfig).
log4j:WARN Please initialize the log4j system properly.
Loading jar:file:/usr/local/liferay-portal-tomcat-jdk5-4.2.2/webapps/ROOT/WEB-INF/lib/portal-ejb.jar!/system.properties
Loading jar:file:/usr/local/liferay-portal-tomcat-jdk5-4.2.2/webapps/ROOT/WEB-INF/lib/portal-ejb.jar!/portal.properties
Loading file:/usr/local/liferay-portal-tomcat-jdk5-4.2.2/webapps/ROOT/WEB-INF/classes/portal-ext.properties
Starting Liferay Portal Professional 4.2.1 (Machen / Build 3501 / January 10, 2007)
13:11:03,411 INFO [DynamicDialect:74] Determining dialect for MySQL 5
13:11:03,419 INFO [DynamicDialect:81] Using dialect org.hibernate.dialect.MySQLDialect
Loading jar:file:/usr/local/liferay-portal-tomcat-jdk5-4.2.2/webapps/ROOT/WEB-INF/lib/portal-ejb.jar!/cache-multi-vm.properties
13:11:08,414 INFO [HotDeployUtil:76] Initializing hot deploy manager 12123235
13:11:08,445 INFO [ServerDetector:76] Detected server tomcat
13:11:08,589 INFO [AutoDeployDir:76] Auto deploy scanner started for /home/liferay/deploy
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