initdb/XP/could not locate executable

I am having trouble getting postgres initdb to run on an XP machine under the postgres account.  Here are the
particulars:

1. cygwin 1.3.18-1
2. cygipc 1.13-2
3. Windows XP-Pro
4. Same configuration installs correctly on my laptop
5. My desktop system is the same except for Novell Login Client (if that makes any difference)
6. initdb runs fine under my desktop administrator account
7. Giving postgres administrator privileges still doesn't fix the problem
8. I have installed this system successfully many times under Win2K.

Any suggestions of where I could look?  I have Googled and looked at mail archives and although there are a few reports
of similar problems, I didn't find any solutions.

postgres@PBOYSEN ~
$ ipc-daemon&
[1] 2324

postgres@PBOYSEN ~
$ initdb -D /usr/share/postgresql/data
The files belonging to this database system will be owned by user "postgres".
This user must also own the server process.

The database cluster will be initialized with locale C.

Fixing permissions on existing directory /usr/share/postgresql/data... ok
creating directory /usr/share/postgresql/data/base... ok
creating directory /usr/share/postgresql/data/global... ok
creating directory /usr/share/postgresql/data/pg_xlog... ok
creating directory /usr/share/postgresql/data/pg_clog... ok
creating template1 database in /usr/share/postgresql/data/base/1... ok
creating configuration files... ok
initializing pg_shadow... LOG:  FindExec: invalid binary "/usr/bin/postgres"
FATAL:  /usr/bin/postgres: could not locate executable, bailing out...

initdb failed.
[1]+  Done                    ipc-daemon


Pete Boysen    Iowa State University  pboysen@iastate.edu
(515)294-6663  Ames, Iowa 50011 http://www.public.iastate.edu/~pboysen