: permission denied initdb: 34: Syntax error: Bad fd number

I am trying to install PostgreSQL 7.0 running under Windows NT. I have
followed Kevin Lo's instructions and have had no problems until trying
to run initdb.

I get the following

bash-2.02$ source .bashrc
bash-2.02$ initdb
: permission denied
/usr/local/pgsql/bin/initdb: 34: Syntax error: Bad fd number 

Obviously I have a permissions problem, but the install notes did not
mention anything about settings for specific user accounts. My mounts
are as follows:

Device           Directory           Type        Flags
i:\postgres\source\pgsql /usr/src/pgsql      native      text!=binary
i:\postgres\binary\pgsql /usr/local/pgsql    native      text=binary
i:\usr\local\lib /usr/local/lib      native      text!=binary
i:\usr\local\include /usr/local/include    native      text!=binary
i:\usr\local\bin /usr/local/bin      native      text!=binary
i:\unix\root\cygwin-b20\share /sw/cygwin-b20/share   native text!=binary 
\\.\tape1:       /dev/st1            native      text!=binary
\\.\tape0:       /dev/st0            native      text!=binary
\\.\b:           /dev/fd1            native      text!=binary
\\.\a:           /dev/fd0            native      text!=binary
i:\unix\root\cygwin-b20\H-i586-cygwin32\i586-cygwin32\bin /bin native
text!=binary 
i:\unix\root     /                   native      text!=binary

I am logged in as colin on a NT4 SP5 workstation authenticated by a NT4
SP5 server via LAN. I have administrator permissions granted to both
boxes.

Can anyone help me out here.

Thanks
Colin
-- 
Colin Woolmer