As very clearely expressed in the "Extended panic code" wiki article, the file content does not matter. The "Echo is off" message is an indication of how the file was cresated before it was packaged in the SIS file or indicates how the file was created on emulatror side. Try running a command like this on your PC in order to create a file:
Originally Posted by Sutorcen
In my case echo's state was on but I can switch it or simply edit the file. Or I can make something like:
C:\>echo > errrd
ECHO is on.
C:\>echo The content of this file is not important > errrd
The content of this file is not important