NATD Will not start with -punch_fw .. just blocks.

[SKU]

Greetings,

I have a custom version of a FreeBSD that was created similar to this
method: http://neon1.net/misc/minibsd.html#t1.1

Having a bit of a problem starting natd with the punch_fw option since
upgrading to 4.8.  If I remove the -punch_fw option, natd starts.
Otherwise it acts like it is running but does not fork to the
background.  If I force it to the background and run top, it shows
the process as running okay with the state as "RUN".

Here is the command I am using:
natd -dynamic -m -n sis0 -punch_fw 4000:100

If I downgrade back down to 4.7, everything works fine.

So, does anyone have any ideas where I can start looking?  I have
recompiled natd as static to make sure it was not library issue
to no avail.

Any help would be much appreciated as this problem is really
starting to bother me.

TIA,

SKU
PS: please carbon copy me as I am not on this list.