I've tried all suggested mods to no avail.
sometimes it will boot normally without having to enter the CPUS=1 command at boot up works about 25% of the time.
I suspect its a CPU Caching issue. Something has changed in 10.11.4 on how it caches things in the CPU..
the i5-4300m processor is a Dual core processor with 2 threads per core (4 virtual CPU's), the Kernel panic always references cpu 1,2 or 3 never cpu 0.. i suspect when it is reading cache from CPU 0 it boots normally but for some reason, when it attempts to access the cache associated with CPU 1, 2 or 3 it creates the KP as it can not find the referenced addresses.
I have not verified all cores are active during a normal boot without CPUS=1 command. Using the CPUS=1 command forces it to use only the 1 core of the processor (1 thread). so it will always boot OK but it limits the cores after the OS has booted. essentially you are only using 25% of the CPU.
Only certain processors would be affected. Could also be a SMBIOS issue (just thought of that)