I have read your message in http://mhonarc.axis.se/bluetooth-dev/msg02244.html .
Did you solve your problem? I also could not find the method to start btd. After I compiled the Axis latest version with the Redhat 7.1 environment, I could not start the btd properly. The eorror message is " Init stack: Operation not permitted” after I tried to use "btd -u /dev/ttyS0 -s 115200 -e 0" to setup the wireless link. On client side I use the command given in ReadMe. But it ends up with " Init stack: Operation not permitted” as well.
Meanwhile I could not establish the ppp link between the two pcs also with the command "pppd -detach passive /dev/ttyS0 115200 noauth debug 192.168.2.28:192.168.2.135" on the server side. On the client side I use the similar command with swapped ip address.
Could you please tell me how you start your btd and ppp?