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So, we were finally able to get this box up and running again. I created a Live CD from

http://www.system-rescue-cd.org/ . Booted off the .iso in VMWare, and mounted the drives. Edited /etc/grup.conf and changed to maintenance mode timeout is set to 5. Booted off the disk, the boot options came up. The system detected disk issues and automatically ran fsck. It failed with error "Unexpected Inconsistency, RUN fsck manually. I ran fsck -y manually and went home for the night. The next day it looks like it finished, rebooted and the system came up as it should.

What an ordeal. It didn't help that the log drive was 20 TB. Really hope Checkpoint fixes this issue so others using VMWare don't run into the same problem. Many thanks for all the assistance.