After I was able to run OS/2 2.11 on VMware with PCI drivers, I thought I’d try KVM.
No go. Also Qemu 2.1.2 on Linux didn’t fare much better. Must be something about HPFS and raw disk images. The funny thing is that even once a disk became corrupted, I quit Qemu, restore the disk, and start again, and it’s still behaving like it’s corrupt. Qemu 0.15.X has been the most stable branch I’ve found to run OS/2, but it’s so obsolete now.