Make sure you are pointing to the right mmc card. I use the external mmc, which is mmc1. Perhaps try redownloading the file?

Has anyone has success doing this under windows? I'm using BlueSoleil bluetooth drivers, shared internet connection with PAN IP address is 192.168.0.1. My IP address in windows is 192.169.1.22. I set the script to have:
IP=192.168.0.20
GW=192.168.0.1
NS=192.168.0.1

Do I need to do something special because I am already using DHCP with my Windows IP address? I tried uncommenting "# udhcpc -i bnep0" but the script does not work. Am I supposed to comment something as well?