>--- Loading the ADSM Space Manager kernel extension
>A file or directory in the path name does not exist.

The "Loading" message would seem to be the one from the 
/usr/lpp/adsm/bin/rc.adsmhsm
file.  Review that script and/or invoke it with debugging options to see what
problem it is having.  Consider extracting and manually invoking the commands
that it invokes, with out redirection to /dev/null, to see results.
    Richard Sims, BU