Reproduced by following command. No other logs created. No files created. Java recently updated as a test solution to no avail. Java works otherwise (able to start a 1.6.4 server).

1. java -Xmx1G -Xms1G -jar minecraft_server.1.7.2.jar nogui
   <wait for a few seconds>
   Exception in thread "main" java.lang.ExceptionInInitializerError
   at net.minecraft.server.MinecraftServer.<init>(SourceFile:114)
   at lj.<init>(SourceFile:50)
   at net.minecraft.server.MinecraftServer.main(SourceFile:591)
   Caused by: java.lang.IllegalStateException: failed to create a child event loop
   at io.netty.util.concurrent.MultithreadEventExecutorGroup.<init>(MultithreadEventExecutorGroup.java:61)
   at io.netty.channel.MultithreadEventLoopGroup.<init>(MultithreadEventLoopGroup.java:49)
   at io.netty.channel.nio.NioEventLoopGroup.<init>(NioEventLoopGroup.java:61)
   at io.netty.channel.nio.NioEventLoopGroup.<init>(NioEventLoopGroup.java:52)
   at ms.<clinit>(SourceFile:31)
   ... 3 more
   Caused by: io.netty.channel.ChannelException: failed to open a new selector
   at io.netty.channel.nio.NioEventLoop.openSelector(NioEventLoop.java:128)
   at io.netty.channel.nio.NioEventLoop.<init>(NioEventLoop.java:120)
   at io.netty.channel.nio.NioEventLoopGroup.newChild(NioEventLoopGroup.java:87)
   at io.netty.util.concurrent.MultithreadEventExecutorGroup.<init>(MultithreadEventExecutorGroup.java:57)
   ... 7 more
   Caused by: java.io.IOException: Function not implemented
   at sun.nio.ch.EPollArrayWrapper.epollCreate(Native Method)
   at sun.nio.ch.EPollArrayWrapper.<init>(Unknown Source)
   at sun.nio.ch.EPollSelectorImpl.<init>(Unknown Source)
   at sun.nio.ch.EPollSelectorProvider.openSelector(Unknown Source)
   at io.netty.channel.nio.NioEventLoop.openSelector(NioEventLoop.java:126)
   ... 10 more