Bootstrapping CVS Emacs Windows XP / gcc 3.4.4 fails

[Christoph Conrad]

make[1]: Entering directory `/cygdrive/c/user/cco/emacs-cvs/lisp'
/cygdrive/c/user/cco/emacs-cvs/lisp/../update-subdirs /cygdrive/c/user/cco/emacs
-cvs/lisp; \
        for file in calc calendar emacs-lisp emulation erc eshell gnus internati
onal language mail mh-e net play progmodes term textmodes url obsolete; do \
           /cygdrive/c/user/cco/emacs-cvs/lisp/../update-subdirs $file; \
        done;
Directories: . calc calendar emacs-lisp emulation erc eshell gnus international
language mail mh-e net play progmodes term textmodes url
"./../bin/emacs.exe" -batch --no-init-file --no-site-file --multibyte -l autoloa
d \
                --eval '(setq find-file-hook nil find-file-suppress-same-file-wa
rnings t)' \
                -f w32-batch-update-autoloads "/cygdrive/c/user/cco/emacs-cvs/li
sp/loaddefs.el" . calc calendar emacs-lisp emulation erc eshell gnus internation
al language mail mh-e net play progmodes term textmodes url
Cannot open load file: encoded-kb
make[1]: *** [autoloads] Error 255
make[1]: Leaving directory `/cygdrive/c/user/cco/emacs-cvs/lisp'
make: *** [bootstrap-gmake] Error 2
bash-3.2$