Yeap, it's been "hanging" for a bit there since Ubuntu Jaunty in
2009... It's just the way Ubuntu's startup script's been for ages..
If by chance your Ethernet cable is not attached, you can hack 119
seconds of the "hanging" by issuing:
sudo sed -i -e 's:sleep 20:#sleep 20:g' /etc/init/failsafe.conf
sudo sed -i -e 's:sleep 40:#sleep 40:g' /etc/init/failsafe.conf
sudo sed -i -e 's:sleep 59:#sleep 59:g' /etc/init/failsafe.conf
Or making sure the Ethernet cable is plugged into the board..