HAXM 1.1.0 does not load x86 atom image on fresh Yosemite installation (core 2 duo)

I can run ARM images, but when I try to run an Atom x86 image (Android 4.0.4, Nexus 5 clone) it goes to a black screen and sits there doing nothing. Emulator output "HAX is running and emulator is running in fast virt" before going to the black screen emulator window.

• "AVD_for_Nexus_5", Android 4.4.2, Atom x86
• Hardware: 2.8 GHz Core 2 Duo (Macbook Pro 17, Mid 2009)
• New installation of Yosemite besides virtualization software besides HAXM
• HAXM 1.1.0 for "10.9 and up" installed, downloaded from Intel website yesterday
• GPU: tried both enabled / disabled with no effect: black screen anyway

An earlier version of HAXM has never been installed, so don't assume "old haxm verison doesn't work with mavericks / yosemite problem".