If you run "make sdk" under the root path, there would be an error:
development/build/sdk.atree:122: couldn't locate source file:
development/emulator/prebuilt/android-arm/kernel-qemu
make: *** [out/host/darwin-x86/sdk/android-sdk_eng.Evan_mac-x86.zip]
Error 44
I guess the kernel-qemu path is wrong in the sdk.atree file.
With this patch, "make sdk" works ok.
ramdisk.img tools/lib/images/ramdisk.img
userdata.img tools/lib/images/userdata.img
userdata.img tools/lib/images/userdata.img
-development/emulator/prebuilt/android-arm/kernel-qemu tools/lib/images/kernel-qemu
+prebuilt/android-arm/kernel/kernel-qemu tools/lib/images/kernel-qemu
# emulator skins
development/emulator/skins/HVGA tools/lib/images/skins/HVGA