BUG #8432: installation sticks on "initializing the database cluster"

The following bug has been logged on the website:

Bug reference:      8432
Logged by:          Chucky Ellison
Email address:      cme@freefour.com
PostgreSQL version: 9.2.4
Operating system:   Windows 7 x64
Description:

I am getting the same problem as described in email thread
http://www.postgresql.org/message-id/4F209FF1.3080209@bltek.com.  However, I
looked at my registry and did not find the problematic .bat setting the
other user had.  I have also been unable to successfully use his initial
workaround.  I am, therefore, stuck.