A message from Eric Auer:
About VM386: It is online somewhere. I can send it to you if you do not find "vm386.zip, 66165 bytes, newest file inside is 7/97 but newest source file inside is 9/95". I think it was Tom who had found it.
VM386 has nothing to do with a VXD (Win protected mode driver lib or something) but started out as a protected mode monitor. This means as the thing which makes DOS run as a task in P.M., but basically it currently contains EMS 4.0 (!) and VCPI "1.0" (more 0.90+), thus anything a decent EMM386 would need. The author thinks it would be nice to see it "in the wild", but he has stopped development after adding all features and before removing some crucial bugs.
I have some understanding about the weak points in it, but the FreEMM386 guys think it would be too easy to use that much existing code, and for Tom, adding UMBs to the c't EMM (3.2, which is ok, but no VCPI, which makes it useless for all programs which use a dos-extender like DPMI) was good enough.
So the joke about VM386 is that it is too good for various reasons for various developers and too bad for the users yet X-). I personally would have written an EMS 3.2 plus VCPI 0.90 either from scratch or by fixing VM386, but I am lacking both time and interest currently.
Maybe somebody else wants to help? It is all written in assembly language, MASM/TASM style and hard to adapt to NASM style (lots of macros and stuff which have quite different syntax in NASM).
Ok, I have googled and found this page, that seems interesting: http://www.execpc.com/~geezer/temp/qna.txt. Can it be here?: http://members.tripod.com/~ladsoft/, under PMODE demos... ?