First post here, I've been wrestling with this issue on and off for the last couple of weeks. Can't tell you how happy I am to finally find people with the same issue.
We have two desktops with i5-4670K and Intel HD Graphics 4600 that are having this issue. There are at least 6 other machines here on the same Win 7 32-bit OS that ntvdm runs fine on. Just these two are the problems.
Thanks for the info so far guys, hope a fix is released for this.