I did some basic housecleaning of caches and so forth and tried again. 

sudo texhash now works, though it took 10 minutes (as opposed to the usual 30 seconds). No idea why. 
sudo texexec --make --all ran as expected.

Anyway all I needed was patience. Sorry to impose on yours.

A.


On Dec 12, 2007, at 09;14,24 , Alan Bowen wrote:

I have been unable to install the latest ConTeXt beta—both
sudo texhash
sudo
fail (stall) when updating  /usr/local/texlive/2007/texmf-dist/ls-R...

The last beta worked as expected and, so far as I know, there have  
been no changes in my installation.

Any suggestions?

Alan
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