Erroneous event alarm 7 "Initialization failure"

Just a gripe, really - a little while back our alerting system raised the above alarm (via ALARMPROGRAM) and initiated a callout, and all we found was "WARNING! Physical Log size 15000 is too small. Physical Log overflows may occur during peak activity. Recommended minimum Physical Log size is 20 times maximum concurrent user threads" in the online log. We run 300 users max so 15000 is way big enough and we've never ever had a problem before. Maybe someone did a big update or something but by the time we logged in and checked, everything was quiet and happy. Why the three-bell alarm screaming "Initialization failure"? We all thought the server had died or something. Furrfu.

Oh and that's 9.30HC5 on HP-UX11i by the way.