It seems to be stuck at the M due to attempts to register non-existent native references such as AssetManager.detachThemePath, .attachThemePath, .getBasePackageCount, .splitThemePackage, etc when initializing the Dalvik VM. I'd be happy to give you the full logcat over PM and possibly help out with the development for this port.
Edit: Manually smali'ing in the native references in framework.jar makes the errors disappear; yet more come up. I got to a point where it was looking for but missing android.server.BluetoothHidService (which indicates conflicting versions, since that's supposed to be in gingerbread), but I don't know enough about the inner-workings of Android to debug further; though I'm sure it's something to do with copying over a file from CM7.